The Canadian life-insurance market is showing remarkable resilience and opportunity heading into the latter half of 2025. Following a record‐setting year where new annualized premiums reached CAD 2.04 billion, up 8 % from 2023, the industry is on solid footing. Here’s a breakdown of what’s driving the market—and how individuals looking for the right coverage in Toronto can make informed decisions.

Permanent products driving growth

One of the standout trends: growth is being powered by permanent life insurance products, especially whole‐life and universal‐life policies. According to research from LIMRA, in the first quarter of 2025 new annualized premiums jumped 13 % year-on-year — with whole life up 15 % and universal life up 15 % as well. Whole‐life now holds about 68 % of the new premium market in Canada.
This shows that more Canadians are prioritizing lifetime protection and cash‐value build-up over the simpler term life models. Higher-net-worth clients are particularly active in this space.

Term life remains steady

While growth in term life products is more modest, it continues to hold a meaningful share of the market at about 19 %. Term policies are often chosen for relatively lower cost protection over a defined period, and are still relevant for many Canadians.
Application activity data from MIB Group shows increases across age bands in 2025—suggesting more Canadians are making life-insurance applications.

What this means for Toronto residents

For individuals in the Greater Toronto Area, this market backdrop signals a strong moment to engage with a qualified professional. Working with a trusted adviser can help you navigate the choices between term vs. permanent, rider options, policy cash-value features, and the impact of rising premiums or shifts in the economy.
When you sit down with a dedicated professional like a local specialist, you gain opportunities to:

• Assess your personal coverage needs based on income, assets, family commitments and long-term goals.
• Understand product innovations in whole life and universal life that are gaining traction nationwide.
• Choose a policy design that aligns with your age, risk tolerance, and budget.
• Stay ahead of market trends—such as larger face amounts being written and greater institutional focus on affluent clients.
• Make sure you’re working with someone who’s familiar with local regulations in Ontario and the Canadian insurance ecosystem.

If you’re ready to discuss how all this applies to your situation in Toronto, look for a specialist who knows the local market and can walk you through current policy options and future trends. A great starting point is to connect with a knowledgeable life insurance agent in Toronto who can help tailor a plan to your circumstances and objectives.

In summary: Canada’s life-insurance market is healthy, growing and evolving. The dominance of permanent products suggests many Canadians are thinking long-term. For those in the Toronto region seeking guidance, working with a trained adviser can make a big difference. Whether you’re comparing term vs. whole life, assessing cash-value options, or reviewing your protection gap, engaging early is wise. If you’d like, Planet Insurance Canada can help you explore what typical products look like in Toronto, Ontario right now or compare different insurance carriers.