Canadian life insurance application activity continued to grow in Q3-2025, ending the quarter up +6.2% year-to-date (YTD), with activity in September 2025 up +12.3% compared to September 2024 Year-over-Year (YOY). Additionally, activity for Q3-2025 (July – September) was up +7.2% compared to Q3-2024 and was down -2.6% compared to the previous quarter (Q2-2025).

September 2025 saw YOY growth for ages 31+, in the double digits for ages 51+, and declines for ages 0-30. When comparing Q3-2025 to Q3-2024, ages 31+ saw growth, in the double digits for ages 51+, and ages 0-30 saw declines. YTD activity through Q3-2025, compared to Q3-2024 saw growth for ages 31+, in the double digits for ages 61+, and flat activity for ages 0-30.

Based on data reported to MIB by our members, September 2025 saw YOY growth for all face amounts, in the double digits for amounts up to and including $5M. When comparing Q3-2025 to Q3-2024, all face amounts saw growth, in the double digits for amounts up to and including $250K as well as amounts over $500K up to and including $5M. YTD activity through Q3-2025, compared to Q3-2024, saw growth for all face amounts, in the double digits for amounts over $500K up to and including $5M.

When including age bands in our face amount analysis and comparing Q3-2025 to Q3-2024, ages 0-30 saw growth for amounts over $250K up to and including $2.5M, double-digit growth for amounts over $5M, and declines for all other face amounts. Age 31-50 saw growth for amounts up to and including $5M, in the double digits for amounts over $500K up to and including $5M, and flat activity for amounts over $5M. Ages 51-60 saw double-digit growth for all face amounts. Ages 61-70 saw double-digit growth for amounts up to and including $5M and declines for amounts over $5M. Ages 71+ saw growth in all face amounts, in the double digits for amounts up to and including $1M and amounts over $2.5M.

When examining activity patterns where a product type was submitted to MIB, all products saw double-digit growth in September YOY. Universal Life saw double-digit growth of +58.5%, Whole Life saw growth of +23.6%, and Term Life saw growth of +14.8. When comparing Q3-2025 to Q3-2024, Universal Life and Whole Life saw double-digit growth, and Term Life saw growth. When including age bands and comparing Q3-2025 to Q3-2024, Universal Life and Whole Life saw growth for all age bands, in the double digits for ages 31+. Term Life also saw growth for all age bands, in the double digits for ages 31-50 and 71+.

About 22% of total Life Index volume for Canada in Q3-2025 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 has a significant impact on Canadian analysis. When looking solely at submissions identified as for Life Insurance products, we saw higher growth trends with activity up at +29.3% in September YOY, up +22.1% when comparing Q3-2025 to Q3-2024, and up +13.0% YTD.