Canadian life insurance application activity in October 2025 continued a consistent pattern of growth seen since September 2024, with Year-over-Year (YOY) activity up +6.6%. On a year-to-date (YTD) basis, activity through October 2025 was also at growth, up +6.3% compared to October 2024. On a Month-Over-Month (MOM) basis, October 2025 activity was flat at -0.4% compared to September 2025.

Older age bands, ages 51+, saw the third consecutive month of double-digit YOY growth in October 2025, while ages 0-50 saw declines, in the double digits for ages 0-30. It is also interesting to note the pattern seen since May where growth increases as age increases, and a continued surge in growth for ages 71+, which has been seen throughout much of 2025. Activity for ages 0-30 was down -12.5%, ages 31-50 down -2.6%, ages 51-60 up +13.7%, ages 61-70 up +46.8%, and ages 71+ up +84.3%. On a YTD basis, ages 31+ saw growth, in the double digits for ages 61+, while ages 0-30 saw declines.

While all face amounts saw growth in October 2025, aggregate growth was largely driven by activity for amounts up to and including $250K, which saw double-digit growth. When including age bands, ages 0-30 saw YOY growth for amounts over $1M up to and including $2.5M, flat activity for amounts over $2.5M up to and including $5M, and declines for all other face amounts, in the double digits for amounts up to and including $250K and over $5M. Ages 31-50 saw growth for amounts over $250K, in the double digits for amounts over $2.5M up to and including $5M, and declines for amounts up to and including $250K. Ages 51-60 saw growth all face amounts, in the double digits for amounts up to and including $250K and amounts over $1M up to and including $2.5M. Ages 61-70 saw growth for amounts up to and including $2.5M and over $5M, in the double digits for amounts up to and including $250K and amounts over $500K up to and including $1M, and declines for amounts over $2.5M up to and including $5M. Ages 71+ saw growth for all amounts up to and including $2.5M and for amounts over $5M, in the double digits for amounts over $250K up to and including $1M as well as amounts over $5M, and in the triple digits for amounts up to $250K, and saw double-digit declines for amounts over $2.5M up to and including $5M. On a YTD basis, all face amounts saw growth, in the double digits for amounts over $500K up to and including $5M.

When examining activity where a product type was submitted to MIB, all products saw YOY growth in October 2025, in the double-digits for Universal and Whole Life. When including age bands, Term Life saw YOY 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 31-60, triple-digit growth for ages 61+, and declines for ages 0-30. Whole Life saw growth for all age bands, in double digits for ages 31-70 and triple digits for ages 71+.

About 23% of total Life Index volume for Canada in October 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 +25.6% YOY for Canada in October 2025 and up +14.3% YTD.