Canadian life insurance application activity saw growth of +9.7% Year-over-Year (YOY) in July 2024. On a year-to-date (YTD) basis, activity through July 2024 was also at growth, up 7.0% compared to July 2023. On a Month-Over-Month (MOM) basis, July 2024 was flat at +1.5% compared to June 2024.

July 2024 saw Year-Over-Year (YOY) growth for all age bands, in the double digits for ages 61+. Activity for ages 0-30 was up +6.2%, ages 31-50 up +8.7%, ages 51-60 up +8.8%, ages 61-70 up +18.8%, and ages 71+ up +26.7%. It is interesting to note that ages 61+ has shown double or triple digit YOY growth each month since May 2023.

When examining activity by face amount, July 2024 saw YOY growth for amounts up to and including $5M, in the double digits for amounts up to and including $500K and amounts over $2.5M up to and including $5M and declines for amounts over $5M. When including age bands, ages 0-30 saw YOY growth for amounts up to and including $5M, and double-digit declines for amounts over $5M. Ages 31-60 saw growth for amounts up to and including $5M, in the double digits for amounts over $250K up to and including $500K, and declines for amounts over $5M. Ages 61-70 saw growth for all amounts, in the double digits for amounts up to and including $250K, and amounts over $1M. Ages 71+ saw double-digit growth for all face amounts.

When examining activity patterns where a product type was submitted to MIB, all product types saw YOY growth in July 2024, with growth for Universal Life in the double digits. When including age bands, Universal Life saw double-digit YOY growth for all age bands. Term Life saw YOY growth for all age bands, in the double digits for ages 0-30 and ages 61+. Whole Life saw growth for ages 31+, in the double digits for ages 61+, and flat activity for ages 0-30.

About 34% of total Life Index volume for Canada in July 2024 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 +11.0% YOY for Canada in July 2024 and up +9.8% YTD.