MIB Life Index

Canadian Life Insurance Activity Takes Double Digit Decline YOY in September, Reports the MIB Life Index

YTD activity now flat

October 14, 2021

Canadian life insurance application activity dropped -13.2% Year-over-Year (YOY) in September 2021 compared to September 2020, representing the third consecutive month with YOY declines, and ending Q3-2021 at -10.9% compared to Q3-2020. It is worth noting that on a Month-over-Month (MOM) basis, September 2021 activity grew by 6.0% when compared with August 2021. However, on a Year-to-Date (YTD) basis, growth for September 2021 compared to September 2020 for Canada is now flat at +0.9%.

Monthly Trailing ChartAge Group Chart



All age groups experienced declines in September YOY with ages 31+ declining in the double digits. Similar experience was seen on a quarterly basis with all age groups declining when comparing Q3-2021 to Q3-2020, with ages 31+ declining in the double digits, reversing positive trends seen in Q2.

September saw YOY double-digit declines in application activity for face amounts up to and including $500K, flat activity for face amounts over $500K up to and including $1M and double-digit growth for face amounts over $1M.

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

When examining activity patterns where a product type was submitted to MIB, Universal Life continues to lead with double-digit growth YOY in September, a pattern we have seen throughout 2021. In contrast, both Term and Whole Life experienced double-digit declines in September YOY. As we have also observed throughout 2021, the younger age bands are driving growth in Universal Life with those ages 0-50 at double-digit growth. Ages 51-60 saw flat activity for Universal Life while ages 61+ saw double digit declines. Term Life saw double digit declines across all age bands. Whole Life saw declines across all age bands, in the double digits for ages 31+.

About 34% of total Life Index volume for Canada in September 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 a significant impact on Canadian analysis. Growth varies when looking solely at submissions identified as Life Insurance products, with activity down -14.5% YOY for Canada in September 2021 and up +2.8% 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.

Monthly Percent ChangeMonthly Percent Change Age


Contact: Betty-Jean Lane, MIB Group, Inc., 781-751-6135, BLane@mib.com 

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