Canadian life insurance application activity showed a decline of -3.4% Year-over-Year (YOY) in November 2021 compared to November 2020, representing the fifth consecutive month with YOY declines, though at a lower rate than previous months. On a Year-to-Date (YTD) basis, the industry remained flat at -0.8% for Canada. However, when comparing Month-Over-Month (MOM) to October, November 2021 activity increased significantly at +12.9%.

When examining age bands, ages 0-30 saw YOY declines for face amounts up to and including $500K, double-digit growth for face amounts over $500K up to and including $5M, and flat activity for amounts over $5M. Worthy of noting, growth for face amounts over $1M up to and including $2.5M was over 65%. Ages 31-50 saw YOY growth for face amounts over $500K up to and including $1M, double digit growth for face amounts over $1M up to and including $2.5M and declines for all other face amounts, including double-digit declines for amounts over $250K up to and including $500K, as well as amounts over $5M. Age 51-60 saw YOY growth for face amounts over $500K up to and including $1M, and declines for all other face amounts, in the double-digits for face amounts over $1M. Age 61-70 saw flat YOY activity for face amounts over $250K up to and including $500K, as well as for amount over $5M, and YOY declines for all other face amounts, in double digits for amounts up to and including $250K and amounts over $500K up to and including $2.5M. Age 71+ saw YOY growth for face amounts over $250K up to and including $500K, amounts over $1M up to and including $2.5M and double-digit growth for amounts over $2.5M up to and including $5M and declines for all other face amounts, in double digits for amounts over $500K up to and including $1M and amounts over $5M.

When examining activity patterns where a product type was submitted to MIB, Universal Life and Whole Life were at growth YOY in November, in double digits for Universal Life. Additionally, Term Life experienced double-digit YOY declines for the 5th consecutive month. When examining age bands, YOY activity for Universal Life showed double-digit growth for ages 0-70, and declined for ages 71+. In contrast, Term Life saw YOY declines for ages 0-70, in the double digits for ages 0-50 and 61-70 and double-digit growth for ages 71+. Whole Life saw YOY double-digit growth for ages 0-30, flat activity for 31-50, and declines across all other age bands, in double digits for ages 61+. On a YTD basis, Universal Life and Whole Life activity showed growth, in the double digits for Universal Life, while Term Life declined.

About 34% of total Life Index volume for Canada in November 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 has an impact on the Canadian analysis, which can often be significant. This month, growth varied slightly when looking solely at submissions identified as for Life Insurance products, with activity down -3.1% YOY for Canada in November 2021 and flat at +0.6% YTD.

NOTE: Due to frequent missing information regarding the applicant’s country of residence, effective January 2021 we are now identifying Canadian activity based on the company country.