Life insurance
22 million Canadians own $5.5 trillion in life
insurance coverage
The
average
life insurance
protection per
household in
Canada is
$
474,000.
That's
up from
$
458,000
in 2021 and
approximates five
times household
income.
Individual life coverage continues to grow
Individual life insurance now equals 65 per cent of the value of total policies
in-force, up from 58 per cent in 2012 – driven primarily by term life insurance.
Total coverage has increased steadily over the past decade. The increase may
be due to individuals needing to cover larger mortgages and higher cost of
living.
Individual universal life
Individual whole life
Individual term life
Group term life
$
5T
$
6T
$
4T
$
3T
$
2T
$
1T
41%
35%
40%
36%
38%
38%
36%
39%
35%
40%
11%
11%
11%
12%
12%
42%
33%
11%
14%
13%
13%
13%
13%
13%
2022 2020 2018 2016 2014 2012
Canadian Life & Health Insurance Facts // 2023 Edition
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