13
Canadian Life & Health Insurance Facts // 2020 Edition
Life insurance
Life insurance provides financial security to beneficiaries when the
insured person dies. Benefits can be used to replace income for
families, pay a mortgage or other debts of the deceased, or contribute
to an estate.
Sold as: Individual policies: 81%; Group plans: 19%
Related products: Supplementary benefits, such as payments on
accidental death, disability, or critical illness – or waiver of required
premiums upon disability – can be added to life insurance products.
BC
42
34
37
37
37
40
43
47
45 43 46
$
463
$
385
$
545
$
467
$
450
$
451
$
352
$
344
$
341
$
389
$
361
AB
SK
MB
ON QC
NB NS PE
NL
Life insurance coverage
closely reflects age,
income levels, marital
status, desired level
of income to support
dependents, outstanding
mortgages, etc.
Protection &
age breakdown
Average protection
per insured household
($ thousands)
Median age
Product
profile
The
average life
insurance
protection per
household in
Canada is
$
432,000
That's up from
$
423,000
in 2018, and
approximates five
times household
income.
22 million
Canadians own
$
5 trillion
in life insurance
coverage
Terr.
