Canadian life insurance application activity achieved double-digit growth of +22.1% Year-over-Year (YOY) in April 2024. On a year-to-date (YTD) basis, activity through April 2024 was also at growth, up +9.1% compared to April 2024. On a Month-Over-Month (MOM) basis, April 2024 activity grew by +9.0% compared to March 2024.

April 2024 saw Year-Over-Year (YOY) growth for all age bands, in the double digits for ages 0-70 and in the triple digits for ages 71+. Activity for ages 0-30 was up +17.8%, ages 31-50 up +16.5%, ages 51-60 up +21.2%, ages 61-70 up +39.9%, and ages 71+ up +103.4%.

April saw YOY growth for all face amounts, in the double digits for amounts up to and including $1M and amounts over $2.5M. When including age bands, ages 0-30 saw YOY double-digit growth for amounts up to and including $1M, declines for amounts over $1M up to and including $2.5M, and growth for amounts over $2.5M, in the double digits for amounts over $5M. Ages 31-50 saw double-digit growth for amounts up to and including $5M and flat activity for amounts over $5M. Ages 51-60 saw double-digit YOY growth for amounts up to and including $250K, growth for amounts over $250K up to and including $500K, flat activity for amounts over $500K up to and including $1M, double-digit growth for amounts over $1M to and including $5M, and flat activity for amounts over $5M. Ages 61-70 saw double-digit growth for amounts up to and including $250K, declines for amounts over $250K up to and including $500K, double-digit growth for amounts over $500K up to and including $2.5M, and growth for amounts over $2.5M, in the double digits for amounts over $5M. Ages 71+ saw triple-digit growth for amounts up to and including $250K, double-digit growth for amounts over $250K to and including $1M, declines for amounts over $1M up to and including $2.5M and triple-digit growth for amounts over $2.5M. 

When examining activity patterns where a product type was submitted to MIB, all product types saw double-digit growth YOY in April 2024. When including age bands, Universal Life saw YOY growth for all age bands, in the double digits for ages 0-60 and in the triple digits for ages 61+. Whole Life saw double-digit growth for all age bands. Term Life saw YOY declines for ages 71+, and growth for all other age bands, in the double digits for ages 0-50.

About 34% of total Life Index volume for Canada in April 2024 did not include a product type. We believe the vast majority of these submissions are for Life Insurance applications and have included them in the composite analysis presented in this report. Missing product type information can have a significant impact on the Canadian analysis. Growth varies when looking solely at submissions identified as Life Insurance products, with activity up +25.8% YOY for Canada in April 2024 and up +11.7% YTD.