Canadian life insurance application activity ended Q1-2024 up +5.0% year-to-date (YTD), with activity in March 2024 flat at +0.4% compared to March 2023 Year-over-Year (YOY). Activity for Q1-2024 was up +8.5% compared to the previous quarter (Q4-2023), representing the second highest Quarter-over-Quarter growth rate since Q4 of 2016 (second to Q1-2023).

In March 2024, ages 71+ saw triple-digit growth YOY and ages 61-70 saw double-digit growth, while all other age bands saw declines. When comparing Q1-2024 to Q1-2023, ages 0-30 saw flat activity of -0.6%, ages 31-50 down -1.6%, ages 51-60 up +1.9%, ages 61-70 up by double digits of +31.9%, and ages 71+ up by triple digits of +143.3%. It is interesting to note that ages 71+ has seen an upward trend in growth each quarter since Q2 of 2023. Additionally, Q1-2024 saw growth across all age groups compared with Q4-2023, with double-digit growth for ages 61+.

March 2024 saw YOY growth for face amounts up to and including $250K and declining activity for all other face amounts, in the double digits for amounts over $500K up to and including $5M. When comparing Q1-2024 to Q1-2023, face amounts up to and including $250K saw double-digit growth and all other amounts saw declines, in the double digits for amounts over $5M.

When including age bands comparing Q1-2024 to Q1-2023, ages 0-30 saw flat activity for face amounts up to and including $250K and declining activity for all other face amounts, in the double digits for amounts over $1M up to and including $2.5M and amounts over $5M. Age 31-50 saw declining activity for all face amounts, in the double digits for amounts over $5M. Ages 51-60 saw double-digit growth for amounts up to and including $250K, growth for amounts over $2.5M up to and including $5M, and declines for all other amounts, in the double digits for amounts over $500K up to and including $1M and amounts over $5M. Ages 61-70 saw double-digit growth for amounts up to and including $250K and amounts over $1M up to and including $2.5M, growth for amounts over $5M, and double-digit declines for all other amounts. Ages 71+ saw triple-digit growth for amounts up to and including $250K, double-digit growth for amounts over $2.5M up to and including $5M, growth for amounts over $5M, flat activity for amounts over $250K up to and including $500K, and declines for amounts over $500K up to and including $2.5K, in the double digits for amounts over $1M up to and including $2.5M.

For March 2024, Universal Life saw growth of +49.3%, continuing a pattern of double-digit growth seen since May of 2023. Whole Life saw flat activity of -0.6%, while Term Life saw double-digit declines of -12.1%. When comparing Q1-2024 to Q1-2023, Universal Life saw double-digit growth of 55.6%, Whole Life saw growth of +3.7% and Term Life saw double-digit declines of -10.6%. When including age bands in our comparison of Q1-2024 activity to Q1-2023, Universal Life saw growth for all age bands, in the double digits for ages 51-60, and in the triple digits for ages 61+. Whole Life saw declines for ages 51-60 and growth for all other age bands, in the double digits for ages 61-70. Term Life saw declines across all age bands, in the double digits for ages 0-30 and 51+.

About 33% of total Life Index volume for Canada in Q1-2024 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. However, missing product type information has a significant impact on Canadian analysis. When looking solely at submissions identified as Life Insurance products, Canadian life insurance application activity grew in March 2024 by +3.6% YOY and ended Q1 up +7.5% YTD.