Canadian life insurance application activity showed continued growth in November 2025 with Year-over-Year (YOY) activity up +4.7%, ending the month up +6.1% Year-to-Date (YTD) compared to November 2024. On a Month-Over-Month (MOM) basis, November 2025 activity saw declines at -3.1% compared to October 2025.

November 2025 saw Year-Over-Year (YOY) growth for ages 51-60, double-digit growth for ages 61+ and declines for ages 0-50, in the double digits for ages 0-30. Activity for ages 0-30 was down -12.2%, ages 31-50 down -4.3%, ages 51-60 up +8.5%, ages 61-70 up +44.6%, and ages 71+ up +93.5%. It is notable that ages 71+ has displayed a consistently increasing surge in YOY growth since July, and ages 61+ has seen double-digit YOY growth every month since May. On a YTD basis, ages 31+ saw growth, in the double digits for ages 61+, while ages 0-30 saw declines. October YTD activity for ages 0-30 was down -3.3%, ages 31-50 up +3.8%, ages 51-60 up +9.0%, ages 61-70 up +21.9% and ages 71+ up +35.8%.

Based on data reported to MIB, November 2025 saw double-digit YOY growth for face amounts up to and including $250K, growth for amounts over $500K up to and including $1M as well as amounts over $2.5M up to and including $5M, and flat activity for all other face amounts. On a YTD basis, all face amounts were at growth, in the double digits for amounts up to and including $250K as well as for amounts over $500K up to and including $5M.

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

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

About 23% of total Life Index volume for Canada in November 2025 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 by double digits of +20.8% YOY for Canada in November 2025 and up +14.9% YTD.