Canadian Life & Health Insurance Facts // 2024 Edition 12
Life Insurance
L I N E S O F B U S I N E S S
Life insurance
provides financial security to
beneficiaries when an insured
person dies. Benefits are often
used to replace income, pay
a mortgage or other debts of
the deceased, or contribute to
an estate.
Sold as
Most life insurance -
83 per cent - is purchased by
individuals through an agent
or advisor.
2023 life insurance
premiums
Related products
Supplementary benefits, such
as payments on accidental
death, disability, critical illness
– or a waiver of required
premiums upon disability –
can be added to life
insurance products.
83%
17%
$28.7B
Individual policies
Group plans
Protection and age breakdown
Life insurance coverage reflects the age
and income level of policyholders, their
marital status, target income for dependent
support, mortgage balances, etc.
Average protection per insured
household ($ thousands)
Median age
TERRITORIES
$
405
34
BC
$
520
41
AB
$
572
38
SK
$
503
38
MB
$
478
38
ON
$
514
40
QC
$
404
43
NL
$
353
48
NS
$
367
44
PE
$
395
42
NB
$
375
45
