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9 Canadian Life & Health Insurance Facts // 2020 Edition Canada's life and health insurers provide financial protection for over 29 million Canadians The Canadian life & health insurance marketplace Insurers provide life insurance, supplementary health insurance and retirement solutions. In 2019, life and health insurers paid out $103 billion in benefits while working to provide a high degree of customer satisfaction. Life Health $ 12.1B $ 38.1B $ 53.3B 22 million Life insurance benefits Health insurance benefits Retirement benefits 26 million 8 million Canadians have life insurance coverage, totalling $5 trillion $7.7 billion paid as death benefits $4.4 billion paid to living policyholders as disability benefits, cash surrenders or dividends $12.5 billion for prescription drugs, which accounts for over 35% of Canada's total spending on prescription drugs Annuity payments on employer-sponsored and individual products have doubled over the past decade Canadians have supplementary health insurance Canadians' retirement savings are managed by the industry Retirement Over 90% How insurance is sold Coverage and benefits More than 160 life and health insurers, their subsidiaries and affiliates operate in Canada* 086 life insurance 134 health insurance 049 retirement solutions By lines of business of benefit payments went to living policyholders Total benefits paid out have increased over 60% from a decade ago Individual insurance, which can be purchased from an advisor or insurance company that provides coverage for one person or a family. Group insurance, which provides coverage for a group of people – employees, or members of a union or association – under one contract. Most insurance products are sold one of two ways: