Canadian life insurance application activity saw continued growth in May 2026, with Year-over-Year (YOY) activity up +8.5% compared to May 2025. On a Year-to-Date (YTD) basis, May saw double-digit growth of +14.0%. On a Month-over-Month (MOM) basis, May 2026 was down -7.6% compared to April 2026, following a common seasonal pattern.

Ages 30+ experienced YOY growth in May, in the double digits for ages 60+, and ages 0-29 saw declines. May YOY activity for ages 0-29 was down -6.9%, ages 30-39 up +1.9%, ages 40-49 up at +2.1%, ages 50-59 up +3.1%, ages 60-69 up +30.4%, and ages 70+ up +75.5%. On a YTD basis, ages 30+ also saw growth, in the double digits for ages 50+, while ages 0-29 saw declines. The YOY and YTD results are reflective of a consistent pattern seen since September 2025 where growth increases as age increases.

Based on data reported to MIB by our members, May 2026 saw YOY growth for face amounts from $1 up to but not including $500K and for amounts $5M and over, in the double digits for amounts from $1 up to but not including $250K and for amounts $5M and over, declines for amounts from $1M up to but not including $2.5M, and flat activity for all other amounts.

When including age bands, ages 0-29 saw double-digit growth for amounts $2.5M and over, and declines for all other face amounts, in the double digits for amounts from $1 up to but not including $100K. Ages 30-39 saw growth for amounts from $500K up to but not including $1M and amounts $5M and over, flat activity for amounts from $250K up to but not including $500K and amounts from $1M up to but not including $2.5M, and declines for all other face amounts, in the double digits for amounts from $1 up to but not including $100K. Ages 40-49 saw growth for amounts from $250K up to but not including $1M, double-digit growth for amounts $5M and over, , flat activity for amounts from $100K up to but not including $250K, and declines for all other face amounts, in the double digits for amounts from $1 up to but not including $100K and for amounts from $1M up to but not including $2.5M. Ages 50-59 saw growth double-digit growth for amounts from $1 up to but not including $100K, growth for amounts from $100K up to but not including $500K and amounts $5M and over, and declines for all other face amounts, in the double digits for amounts from $1M up to but not including $2.5M. Ages 60-69 saw flat activity for amounts from $500K up to but not including $1M, and growth for all other face amounts, in the double digits for amounts from $1 up to but not including $250K and for amounts from $1M up to but not including $5M. Ages 70+ saw double-digit declines for amounts from $2.5M up to but not including $5M, and growth for all other face amounts, in the triple digits for amounts from $1 up to but not including $100K, and in the double digits for amounts from $100K up to but not including $2.5M and amounts$5M and over.

Based on information reported to MIB by our members, May 2026 saw YOY growth across all product types, in the double digits for Term Life and Universal Life. Term Life was up +26.8% YOY, Universal Life up +40.2%, and Whole Life up +8.8%. Term Life saw YOY double-digit growth for all age bands. Universal Life saw YOY declines for ages 0-39, and growth for all other age bands, in the double digits for ages 50-69, and in the triple digits for ages 70+. Whole Life saw YOY growth for all ages, in the double digits for ages 50+.

Methodology Change for 2026:

MIB has revised our methodology to fine tune our age and face amount bands to better meet industry needs, while also incorporating more precise filtering to isolate new business application activity and define applicant country. Please see the main MIB Life Index page on our website for details on our methodology change. All historical data in this report has been restated based on our new methodology, however, historical reports archived on our website reflect the methodology in place at the time of publication.