Canadian life insurance application activity showed the 12th consecutive month of growth in August 2025, with Year-over-Year (YOY) activity up +3.4%. On a year-to-date (YTD) basis, activity through August 2025 was also at growth, up +5.5% compared to August 2024. On a Month-Over-Month (MOM) basis, August 2025 activity saw flat activity at -0.4% compared to July 2025. 

August 2025 saw Year-Over-Year (YOY) double-digit growth for ages 51+, and declines for ages 0-50. Activity for ages 0-30 was down -8.7%, ages 31-50 down -2.4%, ages 51-60 up +10.3%, ages 61-70 up +31.9%, and ages 71+ up +47.7%. It is interesting to note the surge in
activity for the older age bands in August, especially for ages 61+, as well as a continuing trend observed since May where YOY growth percentages increase as age increases. On a YTD basis, ages 31+ saw growth, in the double digits for ages 61+, while ages 0-30 saw flat activity.

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

When examining activity where a product type was submitted to MIB, all product types saw YOY growth in August 2025, with growth for Universal and Whole Life in double digits. When including age bands, Universal Life saw YOY double-digit growth for ages 31+, and flat activity for ages 0-30. Term Life saw growth for ages 31+, in double digits for ages 71+, and flat activity for ages 0-30. Whole Life saw growth for all age bands, in the double digits for ages 31+.

About 23% of total Life Index volume for Canada in August 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 by double digits of +18.8% YOY for Canada in August 2025 and up +10.9% YTD.