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WINDSOR, Conn., May 23, 2024 — Canadian life insurance new annualized premium increased 2% year-over-year to $445 million (CAD) in the first quarter 2024, according to LIMRA’s Canadian Individual Life Insurance Sales Survey. The number of policies sold was level with results in the first quarter 2023.

“Whole life and term product sales — which typically serve middle-income and younger consumers respectively — recorded growth this quarter,” said Nancy Moussa, associate research director, LIMRA Insurance Product Research. “Our recent Canadian consumer study shows 30% of Canadian adults say they need or need more life insurance, with younger adults expressing the greatest need. Like in the U.S., Canadians recognize the need for coverage but often don’t follow through on buying due to lack of knowledge and uncertainty. This presents an opportunity for the industry to expand efforts to engage and educate Canadians to help them protect their loved ones.”   

Whole Life
Following record sales in 2023, whole life new premium increased 4% in the first quarter 2024 to $300 million, compared with first quarter 2023. Policy count was flat for the quarter. Whole life premium represented 68% of the life insurance market in Canada.

“Participating whole life sales increased 5% and represented 89% of total whole life sales in the first quarter,” said Moussa. “These products generally attract higher consumer interest because they offer dividends for policyholders that can be used for additional coverage or cash value growth.”

Term Life Insurance
In the first quarter, term life new annualized premium increased 1% year over year to $85.7 million. Policy count remained level with prior year results. Term products held 19% market share of total Canadian new annualized premium.

Universal Life Insurance
Universal life new annualized premium fell 7% in the first quarter to $58.8 million. Policy count fell 1%, compared with first quarter 2023 results. Universal life premium represented 13% of the total Canadian new annualized premium in the first quarter.

Started in 1993, LIMRA’s Canadian Individual Life Insurance Sales Survey represents 93% of the Canadian market. For more details on the sales results, go to First Quarter 2024 Canadian Individual Life Insurance Sales in LIMRA’s Fact Tank.

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