CLHIA-ACCAP

Canadian Life and Health Insurance Facts - 2020

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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.

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