Issue link: http://clhia.uberflip.com/i/578782
2 The Canadian life and health insurance industry provides a wide range of financial protection and income security products that are critical to protecting the financial future of some 420,000 Newfoundland and Labrador residents. These products include individual and group life insurance, supplementary health and disability insurance, annuities, RRSPs, RRIFs, TFSAs and pensions. Life Insurance Ownership At the end of 2014, about 300,000 residents of Newfoundland and Labrador owned $53 billion of life insurance, providing their dependants with financial protection in the event of their death. Total ownership across the country was $4.2 trillion. For Newfoundland and Labrador residents with life insurance, the average amount of coverage per insured individual was $178,700 at year-end, compared with the national average of $193,700. For households with life insurance protection in Newfoundland and Labrador, the average amount of life insurance owned per household was $321,200 — $59,800 less than the national average of $381,000. Of the life insurance owned in Newfoundland and Labrador, over $23.7 billion, somewhat less than half, was individual insurance. The remainder, more than $29.2 billion, was group insurance. Life Insurance Purchases People buy life insurance for many reasons, but mainly to provide financial protection for their families in the event they themselves should die prematurely. During 2014, $3.3 billion of life insurance was purchased in Newfoundland and Labrador. This represented 1% of the $318 billion of life insurance bought by all Canadians.