CLHIA-ACCAP

Nova Scotia Facts & Figures - 2015 Edition

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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 730,000 Nova Scotia 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 560,000 residents of Nova Scotia owned $95 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 Nova Scotia residents with life insurance, the average amount of coverage per insured individual was $168,400 at year-end, compared with the national average of $193,700. For households with life insurance protection in Nova Scotia, the average amount of life insurance owned per household was $312,800 — $68,200 less than the national average of $381,000. Of the life insurance owned in Nova Scotia, $45.4 billion, about half, was individual insurance. The remainder, $49.6 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, $6.4 billion of life insurance was purchased in Nova Scotia. This represented 2% of the $318 billion of life insurance bought by all Canadians.

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