Canadian life insurance application activity saw growth of +3.8% Year-over-Year (YOY) in February 2025 compared to February 2024. On a year-to-date (YTD) basis, activity through February was also at growth, up +5.5% compared to February 2024. On a Month-Over-Month (MOM) basis, February 2025 activity grew by +6.9% compared to January 2025.

February 2025 saw Year-Over-Year (YOY) growth for ages 0-60, flat activity for ages 61-70, and declines for ages 71+. Activity for ages 0-30 was up +1.8%, ages 31-50 up +6.8%, ages 51-60 up +3.6%, ages 61-70 flat at -1.0%, and ages 71+ down -1.6%.

February 2025 saw YOY growth for amounts over $250K, in the double digits for amounts over $1M up to and including $5M, and declines for amounts up to and including $250K. When including age bands, ages 0-30 saw double-digit growth for amounts over $250K up to and including $500K and amounts over $5M, growth for amounts over $500K up to and including $2.5M, and declines for amounts up to and including $250K as well as amounts over $2.5M up to and including $5M. Ages 31-50 saw growth for face amounts over $250K, in the double digits for amounts over $1M up to and including $5M, and declines for amounts up to and including $250K. Ages 51-60 saw growth for face amounts over $250K, in the double digits for amounts over $1M up to and including $2.5M, and flat activity for amounts up to and including $250K. Ages 61-70 saw double-digit growth for amounts over $500K, and declines for amounts up to and including $500K, in the double digits for amounts over $250K up to and including $500K. Ages 71+ saw double-digit growth for amounts over $250K up to and including $5M, flat activity for amounts over $5M, and declines for amounts up to and including $250K.

When examining activity patterns where a product type was submitted to MIB, Term Life and Universal Life saw YOY growth in February 2025 and Whole Life saw flat activity. When including age bands, Term Life saw growth for ages 0-60, double-digit growth for ages 71+, and declines for ages 61-70. Universal Life saw YOY growth for ages 0-60, in the double digits for ages 31-50, and declines for ages 71+. Whole Life saw growth for ages 31-60, declines for ages 0-30, and double-digit declines for ages 61+.

About 32% of total Life Index volume for Canada in February 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, and when looking solely at submissions identified as Life Insurance products, activity for Canada in February 2025 is up +2.5% YOY and up +5.3% YTD.