Canadian life insurance application activity saw growth of +3.2% Year-over-Year (YOY) in November 2024, with year-to-date (YTD) activity also at growth of +6.3%. On a Month-Over-Month (MOM) basis, November 2024 saw flat activity at -1.4% compared to October 2024.

November 2024 saw Year-Over-Year (YOY) growth for ages 0-50 and 61+, and declines for ages 51-60. Activity for ages 0-30 was up +2.0%, ages 31-50 up +5.2%, ages 51-60 down -1.8%, ages 61-70 up +4.3%, and ages 71+ up +6.5%. It is interesting to note that the 71+ age band has shown double or triple digit YOY growth each month from April 2023 to October 2024. However, the rate of growth has been decreasing each month and November 2024 marks the first time since April 2023 that growth has fallen to single digits for this age band. On a YTD basis, all age bands saw growth in Canada through November 2024. Activity for ages 0-30 was up at +2.4% YTD, ages 31-50 up +3.8%, ages 51-60 up +3.5%, ages 61-70 up by +19.4%, and ages 71+ up by +50.8%.

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

When examining activity patterns where a product type was submitted to MIB, Universal Life saw double-digit growth YOY in November 2024, Term Life saw growth, and Whole Life saw flat activity. When including age bands, Universal Life saw YOY growth for all age bands, in the double digits for ages 0-50. Term Life saw growth for ages 0-50 and 61+, in the double digits for ages 71+, and declines for ages 51-60. Whole Life saw growth for ages 31-50, flat activity for ages 0-30, and declines for ages 51+, in the double digits for ages 71+.

About 33% of total Life Index volume for Canada in November 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 has an impact the Canadian analysis, which can often be significant. Growth varies when looking solely at submissions identified as Life Insurance products, with activity up +5.2% YOY for Canada in November 2024 and up +7.5% YTD.