The changes in the distribution of life insurance products in Canada occurred mostly in individual and group term insurance between 2006 and 2022, while individual whole life and universal life insurance remained relatively stable. In 2022, individual term life insurance accounted for 40 percent of all life insurance coverage in Canada, an increase from 28 percent in 2006. In contrast, the share of group term life insurance declined from 46 percent in 2006 to 35 percent in 2022.
Distribution of life insurance products in Canada from 2006 to 2022
Characteristic
Group term
Individual term
Individual whole life
Individual universal life
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CLHIA. (October 2, 2023). Distribution of life insurance products in Canada from 2006 to 2022 [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/611757/life-insurance-product-distribution-canada/
CLHIA. "Distribution of life insurance products in Canada from 2006 to 2022." Chart. October 2, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/611757/life-insurance-product-distribution-canada/
CLHIA. (2023). Distribution of life insurance products in Canada from 2006 to 2022. Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/611757/life-insurance-product-distribution-canada/
CLHIA. "Distribution of Life Insurance Products in Canada from 2006 to 2022." Statista, Statista Inc., 2 Oct 2023, https://www.statista.com/statistics/611757/life-insurance-product-distribution-canada/
CLHIA, Distribution of life insurance products in Canada from 2006 to 2022 Statista, https://www.statista.com/statistics/611757/life-insurance-product-distribution-canada/ (last visited July 22, 2024)
Distribution of life insurance products in Canada from 2006 to 2022 [Graph], CLHIA, October 2, 2023. [Online]. Available: https://www.statista.com/statistics/611757/life-insurance-product-distribution-canada/