CLHIA-ACCAP

Canadian Life and Health Insurance Facts, 2025 Edition

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Canadian Life & Health Insurance Facts // 2025 Edition 13 Life Insurance L I N E S O F B U S I N E S S 23 million Canadians own $6 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 66 per cent of the value of total policies in-force, up from 59 per cent in 2014 – driven primarily by term life insurance. $ 6T $ 5T $ 4T $ 3T $ 2T $ 1T 2014 41% 35% 11% 13% 40% 11% 36% 13% 2016 38% 38% 13% 11% 2018 36% 39% 13% 12% 2020 12% 35% 40% 13% 2022 34% 13% 40% 13% 2024 Individual universal life Individual whole life Individual term life Group term life The average life insurance protection per household in Canada is $509,000. That's up from $483,000 in 2023 and approximates five times household income.

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