Canadian life insurance application activity ended 2025 with record-breaking year-to-date (YTD) growth of +6.7% compared with 2024, representing the highest annual growth rate on record, at +13.7% above YTD activity for 2023 and +20.0% above YTD activity for 2022. Activity in 2025 saw year-over-year (YOY) growth for all months, in the double digits in September and December, and peaking in December at +14.4%. Additionally, in 2025 March, September, and December all achieved the highest growth rate on record when compared to YOY growth for the same month in prior years.  

2025 activity ended in YTD growth for ages 31+, in the double digits for ages 61+ and declines for ages 0-30. Activity for ages 0-30 was down -3.3% YTD, ages 31-50 up +3.6%, ages 51-60 up +9.8%, ages 61-70 up +25.1%, and ages 71+ showed the highest growth of +42.1%. The first four months of 2025 saw fluctuating patterns in growth by age band, with a trend emerging in May that continued throughout the rest of the year with YOY growth increasing as age increased. Ages 51+ then saw a consistent pattern of growth through the second half of 2025, while ages 31-50 continued to fluctuate and ages 0-30 saw declines. Notably, the final quarter saw a dramatic acceleration in YOY growth for the older cohorts, contrasting with the younger groups which remained flat or negative.

Based on information where face amount was reported to MIB by our members, 2025 saw YTD growth for all face amounts, in the double digits for amounts up to and including $250K and amounts over $500K up to and including $5M. When examining age bands, ages 0-30 saw YTD growth for amounts over $250K, in the double digits for amounts over $1M up to and including $2.5M and over $5M, and declines for amounts up to and including $250K. Ages 31-50 saw YTD growth for amounts over $250K, in the double digits for amounts over $500K up to and including $5M, and flat activity for amounts up to and including $250K. Ages 51-60 saw YTD growth for all face amounts, in the double digits for amounts up to and including $250K and over $500K. Ages 61-70 saw YTD growth for all face amounts, in the double digits for amounts up to and including $250K and over $500K up to and inclulding $5M. Ages 71+ saw double-digit YTD growth for all face amounts.  

Based on information where a product type was reported to MIB by our members, all product types saw YTD growth In 2025, in the double digits for Universal and Whole Life, with Term Life up +7.4%, Universal Life up +32.2% and Whole Life up +13.4%. In 2025, Whole Life represented 26.5% of total life insurance application activity, while Term Life represented 23.9% and Universal Life represented 22.0%. When adding age bands to our analysis of activity by product type, Universal Life and Whole Life saw YTD growth for all age bands, in the double digits for ages 31+. Term Life saw grwoth for all age bands, in the double digits for ages 61+. 

In 2025, 28% of total Life Index volume for Canada 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. However, missing product type information can have a significant impact on the Canadian analysis, especially at this large volume. When looking solely at submissions identified as for Life Insurance products, December 2025 activity for Canada YOY was up +33.1%, and 2025 finished YTD growth at +16.3% when compared to 2024.