Canadian life insurance application activity saw double-digit growth of +12.1% Year-over-Year (YOY) in October 2024. On a year-to-date (YTD) basis, activity through October 2024 was also at growth, up +6.6% compared to October 2023. On a Month-Over-Month (MOM) basis, October 2024 activity grew by +4.9% compared to September 2024.

October 2024 saw Year-Over-Year (YOY) growth for all age bands, in the double digits for ages 31-50 and ages 61+. Activity for ages 0-30 was up +9.7%, ages 31-50 up +13.7%, ages 51-60 up +7.6%, ages 61-70 up +15.7%, and ages 71+ up +17.4%. It is interesting to note that ages 71+ has shown double or triple digit YOY growth each month since April 2023. However, since January of 2024, the rate of this growth has been on a downward trend. On a YTD basis, activity through October 2024 for ages 0-30 was up at +2.4%, ages 31-50 up +3.6%, ages 51-60 up +4.1%, ages 61-70 up by +21.1%, and ages 71+ up by +57.1%.

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

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

About 35% of total Life Index volume for Canada in October 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 can have a significant impact on the Canadian analysis. Growth varies when looking solely at submissions identified as Life Insurance products, with activity up +8.0% YOY for Canada in October 2024 and up +7.8% YTD.