Canadian life insurance application activity was up +9.1% Year-Over-Year (YOY) in November, according to the Canadian MIB Life Index, continuing a general growth trend that started in June. Recent positive trends are offsetting double-digit negative patterns during April and May, bringing Year-to-Date (YTD) Canadian activity to -1.2%, which is nearly flat.

YOY growth was driven by younger age groups with activity up 10%+ for applicants under age 51. In contrast to other age groups for YOY, figures for ages 71 and over declined at -5.7%. YTD, ages 0-30 was up +2.3% while ages 31-50 and 71+ were relatively flat (at -1.0% and -0.1% respectively) and other age groups declined (age 51-60 at -6.9% and 71-70 at -4.37%). Month-Over-Month, November grew 3.85% over October, with increased submissions experienced across all age groups.

November's YOY growth for ages 0-50 was driven by double-digit increases in submissions for policies of greater than $250,000. MOM, November saw growth over October of 20%+ for face amounts of $1M+. Specifically driving this were increases of over 30%+ for face amounts of $2.5M-$5M and $5M+.

Term submissions YTD for 2020 over 2019 remained relatively flat (-.02% vs 2019). Declines in Universal Life products (-45%) were offset by increases in Whole Life submissions (+11.4%) resulting in relatively flat YOY numbers of -2.58% for permanent products.