Canadian Life & Health Insurance Facts // 2026 Edition 13
Life Insurance
L I N E S O F B U S I N E S S
23 million Canadians own $6.2 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 a 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
60 per cent in 2015 – driven primarily by term life insurance.
$0T
$1T
$2T
$3T
$4T
$5T
$6T
$7T
2025 2023 2021 2019 2017 2015
40%
39%
37%
38%
13%
12%
35%
40%
13%
12%
35%
40%
12%
13%
34%
40%
13%
13%
36%
14%
10%
37%
13%
11%
Individual universal life
Individual whole life
Individual term life
Group term life
The average
life insurance
protection
per household
in Canada is
$533,000.
That's up from
$509,000
in 2024 and
approximates five
times household
income.
