There are many different ways to measure demand for life insurance: number of applications, number of policies, total new premiums, total amount of coverage and number of policies in force.
Although related, each metric answers a different question about demand. Our editorial team looked through LIMRA’s 2025 Canadian individual life sales results, MIB’s Life Index methodology and Canadian report archive, MIB’s final 2024 Canadian application report, and the Financial Consumer Agency of Canada’s life-insurance guide.
What the Latest Canadian Sales Data Shows
Individual life insurance policy count in Canada grew by 4% in 2025 over 2024. New annualized premium grew 9% in 2025 from 2024. This doesn’t mean that 9% more individuals purchased life insurance.
LIMRA also reported that total face amount grew 7% in 2025 over 2024.
The MIB Life Index reflects underwriting inquiries, not approvals, policies issued or premiums. MIB changed how it calculates the index beginning with the January 2026 report and recalculated the indexes for all months shown in its 2026 reports. Therefore, percentage comparisons to figures in previous reports should not be made.
Keep These Life-Insurance Measures Separate
| Measure | What it counts | What it does not prove |
|---|---|---|
| Application activity | Underwriting inquiries in the MIB Life Index | Approval, issue, payment or policy count |
| Policy count | Number of new policies sold | Number of unique buyers or total amount of coverage |
| New annualized premium | Annualized premium from new sales | Number of buyers or amount of coverage issued |
| Face amount | Death-benefit coverage issued | Total premium paid or number of households covered |
| In-force business | Policies or premiums that are already active | New buying during the current period |
How Application Growth Differed by Age Group
| Age band in MIB’s archived 2024 series | 2024 application-activity change from 2023 |
|---|---|
| 0 to 30 | +2.8% |
| 31 to 50 | +4.4% |
| 51 to 60 | +3.6% |
| 61 to 70 | +18.4% |
| 71 and older | +45.4% |
Application activity increased across all age groups in MIB’s final 2024 report. Applicants in the 61-and-older age group saw the fastest growth rate, but that doesn’t mean they accounted for the highest number of applications.
These figures represent applications, not policies actually purchased. Roughly a third of 2024 Canadian Life Index applications didn’t include a product type, and MIB has since changed how it measures application indexes. Use this data only for historical purposes to show application activity.
Trends in Term Life, Universal Life and Whole Life Policies
| Product | 2025 change in new annualized premium | 2025 change in policy count | Share of 2025 new premium |
|---|---|---|---|
| Whole life | +10% | +5% | 70% |
| Term life | +5% | +4% | 18% |
| Universal life | +11% | +3% | 12% |
While whole life insurance accounts for the largest share of premiums, that doesn’t necessarily mean it’s the most popular policy type. Higher costs may contribute. Permanent life insurance costs more but can build cash value.
Universal life insurance includes an investment account. Like all investments, this account may increase or decrease in value.
Term life insurance provides coverage for a specified period of time and may cost less at the beginning.
Read More: Compare Term and Whole Life Insurance
How to Use the Market Trend Without Letting It Sell You a Policy
Don’t get caught up in what’s hot in life insurance: what’s selling isn’t necessarily right for you. Start by estimating the financial loss your death would cause, then base your life insurance decisions on that.
Read More: Read Whether Life Insurance Is Worth It in Canada
Assess Your Needs
Calculate how much others rely on your income. Add up obligations such as debts, child-care or caregiver expenses, college, funeral and business-related needs, and subtract assets like savings and existing life insurance. The result can help you estimate how much life insurance you need.
Read More: Review Reasons Not to Buy Life Insurance
Compare Providers
Make sure you compare policies with similar amounts of insurance, policy periods and premium rates. Check whether the major features, policy riders, conversion options, exclusions and assumptions are the same. If not, it’s not the same insurance product, even if the premium is lower.
Consult a Licensed Professional When Needed
For help with a permanent policy, business plan or estate plan, ask a licensed professional to explain the available options and any guarantees.
Some decisions can have tax, legal or investment implications. Consultation with separate tax, legal or investment advisors may be required.