$
1 2
That's up from $417,000
in 2017, approximating
five times household
income.
The average life insurance
protection per household
in Canada is
Life insurance
Canadians buy life insurance primarily to provide financial
protection for their families in the event of death. Benefits
from a life insurance policy are used to replace income for
families, pay a mortgage or other debts of the deceased, or
contribute to an estate.
Life insurance coverage closely
reflects age, income levels, marital
status, desired level of income to
support dependents, outstanding
mortgages, etc.
$
423,000
Average protection per
insured household
($ thousands)
Median age
Protection & age
breakdown
BC
42
37
37
37
41
43
47
45 44 46
$
447
$
542
$
457
$
441
$
440
$
347
$
346
$
335
$
386
$
354
AB
SK
MB
ON QC
NB NS PE
NL
$
4.8 trillion
in life insurance coverage
22 million
Canadians own
5x
Life insurance provides families with
financial security
