For 2021, Canadians were paid a record-breaking over $113 billion in benefits from life and health insurance products as well as retirement products, CLHIA said in its latest Canadian Life & Health Insurance Facts report. This figure is up 17% from 2020 and is nearly $10 billion above pre-pandemic levels.
What percent of Canadians have life insurance?
Although many consider life insurance in Canada essential, only 25% of Canadians have purchased individual insurance, while 38% are covered through their employer.
Who is the number 1 insurance company in Canada?
Manulife is Canada's largest insurance company, collecting almost $40 billion in annual premiums. Canada Life, Sun Life, Desjardins, and Industrial Alliance (iA) round out the top 5 biggest life insurers in Canada.
What is the average life insurance payout in Canada?
The average Canadian life insurance policy typically pays out $200,000, but many life insurance professionals suggest this may not be enough to cover your needs. In fact, the rule of thumb is that individuals should have coverage for about 10 times their annual income.
How big is the life insurance industry in Canada?
Canada is home to more than 150 life and health insurers, according to the latest data from the Canadian Life and Health Insurance Association (CLHIA). Of these, around 80 provide life insurance policies to an estimated 22 million Canadians, with coverage totalling $5.1 trillion.