Canadian life insurance application activity continued to grow in November 2023 with Year-over-Year (YOY) activity up +5.1% compared to November 2022, representing the seventh consecutive month of YOY growth. On a Year-to-Date (YTD) basis, activity through November 2023 was up +5.8% compared to through November 2022. On a Month-Over-Month (MOM) basis, November 2023 activity was up +7.1% compared to October 2023.

November 2023 saw Year-Over-Year (YOY) declines for ages 31-50 and growth for all other age bands, in the double digits for ages 61-70 and triple digits for ages 71+. Activity for ages 0-30 was up +2.9%, ages 31-50 down -1.6%, ages 51-60 up +5.5%, ages 61-70 up +23.6%, and ages 71+ up +103.3%. On a YTD basis, all age bands saw growth, in the double digits for ages 61+ with ages 0-30 up +2.7%, ages 31-50 up +3.6%, ages 51-60 up +5.5%, ages 61-70 up +16.0% and ages 71+ up 55.7%.

November 2023 saw double-digit YOY growth for face amounts up to and including $250K, and declining activity for all face amounts over $250K, in the double digits for amounts over $500K. On a YTD basis, amounts up to and including $250K and amounts over $1M were at growth, in the double digits for amounts over $5M, while amounts over $250K up to and including $500K showed declining activity, and amounts over $500K up to and including $1M showed flat activity.

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

When examining activity patterns where a product type was submitted to MIB, Universal Life saw double-digit YOY growth of +41.1% in November 2023, Whole Life saw YOY growth of +9.0%, and Term Life saw double-digit declines of -10.4%. When including age bands, Universal Life saw YOY growth for ages 0-30, flat activity for ages 31-50, double-digit growth for ages 51-60, and triple-digit growth for ages 61+. Whole Life saw YOY growth for all age bands, in the double digits for ages 51-60. Term Life showed YOY declines for all age bands, in the double digits for ages 0-50, and 71+. On a YTD basis, activity through November saw double-digit growth of +27.8% for Universal Life, growth of +4.0% for Whole Life, and double-digit declines of -16.3% for Term Life.

About 35% of total Life Index volume for Canada in November 2023 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 for Canada up +6.6% YOY in November 2023 and flat at -1.3% YTD.