Issue link: http://clhia.uberflip.com/i/578815
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 880,000 Saskatchewan 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 630,000 residents of Saskatchewan owned $133.8 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 Saskatchewan residents with life insurance, the average amount of coverage per insured individual was $212,700 at year-end, compared with the national average of $193,700. For households with life insurance protection in Saskatchewan, the average amount of life insurance owned per household was $408,500 — $27,500 more than the national average of $381,000. Of the life insurance owned in Saskatchewan, $70.8 billion, more than half, was individual insurance. The remainder, $63 billion, was group insurance. This corresponded with the national picture. 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, $11.3 billion of life insurance was purchased in Saskatchewan. This represented 3.6% of the $318 billion of life insurance bought by all Canadians.