Canadian Life & Health Insurance Facts // 2025 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.
2024 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%
$29.6B
Individual policies
Group plans
Protection and age breakdown
Life insurance coverage reflects the age
and income level of policyholders, their
marital status, target income for dependent
support, mortgage balances, etc.
Average protection per insured
household ($ thousands)
Median age
TERRITORIES
$
416
34
BC
$
541
41
AB
$
606
38
SK
$
529
38
MB
$
508
37
ON
$
552
40
QC
$
414
43
NL
$
379
48
NS
$
369
44
PEI
$
447
41
NB
$
393
45
