Canadian life insurance application activity continued to see steady growth of +2.8% Year-over-Year (YOY) in April 2025, continuing a pattern of consistent growth seen since September 2024. On a year-to-date (YTD) basis, activity through April 2025 was also at growth, up +5.5% compared to April 2024. On a Month-Over-Month (MOM) basis, April 2025 activity grew by +3.4% compared to March 2025.

April 2025 saw Year-Over-Year (YOY) growth for ages 31+ and declines for ages 0-30. Activity for ages 0-30 was down -2.1%, ages 31-50 up +3.7%, ages 51-60 up +5.7%, ages 61-70 up 6.2%, and ages 71+ up 4.2%. It is interesting to note that ages 0-30 has seen a decreasing pattern of YOY growth since December 2024, ending April as the only age band at a decline. On a YTD basis, all age bands saw growth through April 2025.

April 2025 saw YOY growth for amounts over $250K, in the double digits for amounts over $1M up to and including $5M, and flat activity for amounts up to and including $250K. When including age bands, ages 0-30 saw declines for amounts up to and including $250K, flat activity for amounts over $250K up to and including $500K, growth for amounts over $500K up to and including $5M, in the double digits for amounts over $1M up to and including $5M, and double-digit declines for amounts over $5M. Ages 31-50 saw growth for face amounts over $250K, in the double digits for amounts over $1M, and declines for amounts up to and including $250K. Ages 51-60 saw growth for amounts up to and including $250K, flat activity for amounts over $250K up to and including $500K, and growth for amounts over $500K, in double digits for amounts over $1M. Ages 61-70 saw double-digit growth for amounts up to and including $250K, declines for amounts over $250K up to and including $500K, growth for amounts over $500K up to and including $1M, declines for amounts over $1M up to and including $2.5M, double-digit growth for amounts over $2.5M up to and including $5M, and double-digit declines for amounts over $5M. Ages 71+ saw growth for amounts up to and including $2.5M, in double digits for amounts over $250K up to and including $1M, flat activity for amounts over $2.5M up to and including $5M, and double-digit declines for amounts over $5M.

When examining activity patterns where a product type was submitted to MIB in April 2025, Universal Life saw double-digit growth, Whole Life saw growth, and Term Life saw flat activity. When including age bands, Universal Life saw growth for all age bands, in double digits for ages 31-70. Whole Life saw growth for ages 31-60, double-digit declines for ages 71+, and flat activity for all other age bands. Term Life saw double-digit growth for ages 71+, flat activity for ages 31-50 and 61-70, and declines for all other age bands.

About 33% of total Life Index volume for Canada in April 2025 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 +5.1% YOY for Canada in April 2025 and up +6.8% YTD.