13
Canadian Life & Health Insurance Facts // 2021 Edition
Life insurance
Life insurance provides
financial security to
beneficiaries when the
insured person dies.
Benefits can be used to
replace income, pay a
mortgage or other debts
of the deceased, or
contribute to an estate.
Sold as:
Most life insurance policies
- over eighty per cent - are
purchased by individuals
through an agent or advisor.
2020 life insurance premiums
18%
82%
$
24.1B
Group plans
Individual
policies
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.
Protection & age breakdown
Life insurance coverage reflects the age and income level of policyholders, their
marital status, target income for dependent support, mortgage balances, etc.
BC
42
34
38
38
38
40
43
47
45 43 46
$
467
$
381
$
545
$
474
$
454
$
467
$
361
$
343
$
348
$
404
$
368
AB
SK
MB
ON QC
NB NS PE
NL
Average protection
per insured household
($ thousands)
Median age
Terr.
