Canadian Life & Health Insurance Facts // 2024 Edition 13
Life Insurance
L I N E S O F B U S I N E S S
23 million Canadians own $5.7 trillion in life insurance coverage
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 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 2013 – driven primarily by term life insurance.
$
6T
$
5T
$
4T
$
3T
$
2T
$
1T
2013
42%
34%
11%
13%
40%
10%
36%
14%
2015
39%
37%
13%
11%
2017
37%
38%
13%
12%
2019
12%
35%
40%
13%
2021
35%
13%
40%
12%
2023
Individual universal life
Individual whole life
Individual term life
Group term life
The average
life insurance
protection
per household
in Canada is
$483,000.
That's up from
$474,000
in 2022 and
approximates five
times household
income.
