Canadian Life & Health Insurance Facts // 2026 Edition 12
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 -
84 per cent - is purchased by
individuals through an agent
or advisor.
2025 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.
Life Insurance
L I N E S O F B U S I N E S S
$32.7B
Individual policies
Group plans
Protection and age breakdown
Life insurance coverage reflects the age
and income level of policyholders, their
marital status, target income for dependent
support, mortgage balances, etc.
Average protection per insured
household ($ thousands)
Median age
TERRITORIES
$
436
34
BC
$
559
41
AB
$
630
38
SK
$
566
38
MB
$
531
38
ON
$
573
40
QC
$
443
43
NL
$
398
48
NS
$
391
43
PEI
$
471
41
NB
$
412
45
16%
84%
