13
Canadian Life & Health Insurance Facts // 2022 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 - over
eighty per cent - is purchased
by individuals through an
agent or advisor.
2021 life insurance premiums
$
25.6B
Individual
policies
Group plans
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
$
485
42
AB
$
562
38
SK
$
513
38
MB
$
463
38
ON
$
489
41
QC
$
374
43
NB
$
368
46
PE
$
392
42
NS
$
346
45
NL
$
355
48
Terr.
$
398
34
17%
83%
