Canadian life insurance application activity showed continued growth in July 2025 with Year-over-Year (YOY) activity up +5.7%. On a year-to-date (YTD) basis, activity through July 2025 was also at growth, up +5.8% compared to July 2024. On a Month-Over-Month (MOM) basis, July 2025 activity was down -1.7% compared to June 2025.

July 2025 saw Year-Over-Year (YOY) growth for ages 31+, in the double digits for ages 61+, and declines for ages 0-30. Activity for ages 0-30 was down -4.4%, ages 31-50 up +6.4%, ages 51-60 up +9.3%, ages 61-70 up +16.6%, and ages 71+ up +17.6%. It is interesting to note the continuing fluctuating patterns in YOY activity by age band throughout 2025, with ages 61-70 and 71+ significantly ahead of other age bands in growth, while ages 0-30 lagged behind, showing declines in July. On a YTD basis, ages 0-30 is the only age band with flat activity, while ages 31+ saw growth, in the double digits for ages 71+.

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

When examining activity where a product type was submitted to MIB, all product types in Canada saw double-digit growth in July 2025. When including age bands, Universal Life saw YOY growth for all age bands, in the double digits for ages 31+. Term Life saw YOY growth for all ages, in the double digits for ages 31-50 and 71+.
Whole Life saw growth for ages 0-70, in the double digits for ages 31-70, and double-digit declines for ages 71+.

About 26% of total Life Index volume for Canada in July 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 +17.8% YOY for Canada in July 2025 and up +9.8% YTD.