Lines of business
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.
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.
2022 life insurance premiums
17%
83%
$
27B
Individual
policies
Group plans
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.
Average protection
per insured household
($ thousands)
Median age
$
377
46
NB
$
404
42
PE
$
370
44
NS
42
$
511
BC
$
567
38
AB
$
519
38
SK
$
462
38
MB
$
504
40
ON
$
391
43
QC
$
363
48
NL
Terr.
$
392
34
Canadian Life & Health Insurance Facts // 2023 Edition
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