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.
