CLHIA-ACCAP

Canadian Life and Health Insurance Facts, 2022 Edition

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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%

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