Canadian life insurance application activity ended Q3-2024 up +6.0% year-to-date (YTD), with activity in September 2024 up +6.3% compared to September 2023 Year-over-Year (YOY). On a quarterly basis, activity during Q3-2024 (July – Sept) was up +4.8% compared to that in Q3-2023. Activity for Q3-2024 was down -4.4% compared to the previous quarter (Q2-2024).

September 2024 saw YOY growth in all age bands, in the double digits for ages 61+. When comparing Q3-2024 to Q3-2023, ages 31+ saw growth, in the double digits for ages 61+, and ages 0-30 saw flat activity. YTD activity through Q3-2024 compared to Q3-2023 saw growth for all age bands, in the double digits for ages 61+.

September 2024 saw YOY growth for face amounts up to and including $1M and double-digit growth for amounts over $5M, declines for amounts over $1M up to and including $2.5M, and flat activity for amounts over $2.5M up to and including $5M. When comparing Q3-2024 to Q3-2023, face amounts up to and including $1M saw growth, amounts over $1M up to and including $5M saw flat activity, and amounts over $5M saw declines. YTD activity through Q3-2024, compared to Q3-2023, saw double-digit growth for face amounts up to and including $250K, flat activity for amounts over $250K up to and including $500K, and declines for amounts over $500K.

When including age bands comparing Q3-2024 to Q3-2023, ages 0-30 saw growth for face amounts over $250K up to and including $500K, flat activity for amounts up to and including $250K and amounts over $500K up to and including $1M, and declines for amounts over $1M, in the double digits for amounts over $5M. Age 31-50 saw growth for amounts up to and including $1M, and flat activity for amounts over $1M. Ages 51-60 saw growth for amounts over $250K up to and including $500K, double-digit growth for amounts over $1M up to and including $2.5M, flat activity for amounts up to and including $250K, and declines for all other face amounts. Ages 61-70 saw double-digit growth for amounts up to and including $250K and growth for amounts over $500K, in the double digits for amounts over $1M up to and including $5M and declines for amounts over $250K up to and including $500K. Ages 71+ saw double-digit growth for amounts up to and including $5M, and flat activity for amounts over $5M.

When examining activity patterns where a product type was submitted to MIB, all product types saw growth in September YOY. Universal Life was up +6.1%, Whole Life up +2.1%, and Term Life up +7.4. When comparing Q3-2024 to Q3-2023, Term Life saw growth, Universal Life saw double-digit growth, and Whole Life saw flat activity. When comparing Q3-2024 to Q3-2023 by age bands, Term Life saw growth for ages 0-50 and 61+, and flat activity for ages 51-60, Universal Life saw growth for all age bands, in the double digits for ages 61+, and Whole Life saw growth for ages 31+, in the double digits for ages 61+, and declines for ages 0-30..

About 33% of total Life Index volume for Canada in Q3-2024 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 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 +4.9% in September YOY, up +4.3% when comparing Q3-2024 to Q3-2023, and up +7.7% YTD.