Canadian life insurance application activity saw growth of +6.5% Year-over-Year (YOY) in May 2024 compared to May 2023. On a year-to-date (YTD) basis, activity through May 2024 was also at growth, up +8.5% compared to May 2023. On a Month-Over-Month (MOM) basis, May 2024 activity was down -4.9% compared to April 2024.

For the second month in a row, May 2024 saw Year-Over-Year (YOY) growth for all age bands. May also saw double-digit growth for ages 61+. Activity for ages 0-30 was up +4.5%, ages 31-50 up +2.0%, ages 51-60 up +3.4%, ages 61-70 up +23.5%, and ages 71+ up +59.8%.

When examining face amounts, May 2024 saw YOY growth for amounts up to and including $500K, in the double digits for amounts up to and including $250K, declines for amounts over $500K up to and including $5M, and flat activity for amounts over $5M.

When including age bands, ages 0-30 saw YOY growth for face amounts up to and including $500K and amounts over $5M, in the double digits for amounts over $250K up to and including $500K, flat activity for amounts over $500K up to and including $1M, and declines for all other amounts, in the double digits for amounts over $1M up to and including $2.5M. Ages 31-50 saw growth for face amounts over $250 up to and including $500K, double-digit growth for face amounts over $5M, flat activity for amounts up to and including $250K and amounts over $500K up to and including $2.5M, and declines for amounts over $2.5M up to and including $5M. Ages 51-60 saw growth for face amounts up to and including $500K, flat activity 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 face amounts up to and including $250K, growth for amounts over $1M up to and including $2.5M, and declines for all other amounts, in the double digits for amounts over $2.5M. Ages 71+ saw YOY growth for face amounts up to and including $1M, in the double digits for amounts up to and including $250K as well as for amounts over $500K up to and including $1M, flat activity for amounts over $1M up to and including $2.5M, and declines for amounts over $2.5M, in the double digits for amounts over $5M.

When examining activity patterns where a product type was submitted to MIB, Universal Life saw double-digit growth YOY in May 2024, Whole Life saw growth, and Term Life saw declines. When including age bands, Universal Life saw YOY growth for all age bands, in the double digits for ages 31-70, and in the triple digits for ages 71+. Whole Life also saw YOY growth for all age bands, in the double digits for ages 0-30 and 61+. Term Life saw YOY declines for all age bands, in the double digits for ages 71+.

About 34% of total Life Index volume for Canada in May 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 May 2024 and up +11.6% YTD.