Canadian life insurance application activity saw double-digit growth in October 2023 with Year-over-Year (YOY) activity up +10.2% compared to October 2022, representing the sixth consecutive month of YOY growth. On a Year-to-Date (YTD) basis, activity through October 2023 was up +5.9% compared to through October 2022. On a Month-Over-Month (MOM) basis, October 2023 activity saw flat activity compared to September 2023.

October 2023 saw Year-Over-Year (YOY) growth for all age bands, in the double digits for ages 51-70, and in the triple digits for ages 71+. Activity for ages 0-30 was up +4.3%, ages 31-50 up +3.9%, ages 51-60 up +10.3%, ages 61-70 up +36.0%, and ages 71+ up +124.1%. It is important to note as you consider these growth rates that the vast majority of application activity, almost 79% in October, is for ages 0-50. Less than 5% of activity for October was for ages 71+. On a YTD basis, all age bands saw growth, in the double digits for ages 61+.

October 2023 saw double-digit YOY growth for amount up to and including $250K, flat activity for amount over $250K up to and including $1M, double-digit growth for amount over $1M up to and including $2.5M and declines for amounts over $2.5M. On a YTD basis, amounts over $250K up to and including $1M showed flat activity, and all other face amounts showed growth, in the double digits for amounts over $1M.

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

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

About 32% of total Life Index volume for Canada in October 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 patterns vary when looking solely at submissions identified as Life Insurance products, with YTD activity for Canada down -2.0% YTD.