Find out how many Canadians have life insurance, what kind, and why. These 2024 life insurance statistics reveal local attitudes to this type of cover.
Canada is ranked 8th globally for the value of life and non-life direct premiums written.
In 2024, the average spend in this market is expected to reach $850 per capita.
To find out more about Canada's stance on life insurance, we surveyed 981,619 people on various social media platforms.
We reviewed data for a full year, ending on October 14th, 2024, and these are the results of our findings.
Nearly 90% of respondents have life insurance.
Canadians clearly prioritize life insurance, with the graph below showing what percentage of those surveyed have and don't have this type of coverage.
Figure 1: Answers to "Do you have life insurance?"
Of the 981,619 people surveyed, the vast majority have life insurance (89.9%), with only 10.1% saying they do not have coverage.
This differs somewhat from a LIMRA study that found only 57% of Canadian adults have life insurance - an improvement of 3 points since 2019, showing this type of cover is on the rise.
Despite life insurance offering financial stability in the event of death, lack of urgency or understanding is a primary barrier.
Figure 2: Answers to "Why don't you have life insurance?"
More than 70% of respondents agree high costs prevent them from having life insurance.
Figure 3: Reasons for not buying life insurance
This aligns with other reports that say 53% of Canadians haven't purchased needed coverage due to cost, and 33% have other financial priorities.
Canadians say car insurance is the most important cover.
Figure 4: Most important insurance types for Canadians
Over a quarter chose life insurance as an investment.
Figure 5: What made you decide to get life insurance
Over a third of respondents purchased life insurance from an agent.
Figure 6: How did you buy your life insurance policy
Whole life insurance is the most commonly purchased.
Figure 7: Types of life insurance purchased
Just under 50% of Canadians surveyed are insured for $100,000.
Figure 8: Life insurance coverage amounts
This helps explain why 2.4 million Canadians report being underinsured.
Figure 9: Perceived value for money of life insurance
Considering Canadian insurers paid out a record $128 billion in benefit claims in 2023, satisfaction levels are high.
Figure 10: Self-reported knowledge levels on life insurance
Figure 10: Survey Demographics - Age
Figure 10: Survey Demographics - Sex
21% more women insured than men.
Figure 10: Survey Demographics - Province
Figure 10: Survey Demographics - Income
Those earning under $40,000 make up over 80% of those with life insurance.
Nearly a quarter of Canadians are concerned that they'll leave their dependents in financial difficulty if they die prematurely.
However, the data shows that many are taking positive steps to protect their families and that the life insurance market continues to grow.
The data used in this survey was sourced from an independent sample of 981,619 people in Canada on X, Quora, Reddit, TikTok, and Threads.
The responses were collected within a 95% confidence interval and 4% margin of error.
Demographics were determined using multiple signals (e.g., name, location, self-disclosed descriptions).
Privacy was preserved using k-anonymity and differential privacy.
Results are based on what people describe online - questions were not posed directly to participants.
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