Skip to content

This report provides a detailed look at the type of individual life insurance products owned by Canadian households, and provides trends in market penetration rates for term and permanent products.


  • Currently, 44 percent of Canadians own individual life insurance, compared to a majority of households (55 percent) in 2006. By 2013, market penetration fell to 43 percent, largely due to the global financial crisis[1] and subsequent economic recession in Canada.[2] Thus, the industry has stabilized ownership rates, but has yet to recover its pre-recession level of market penetration.
  • While the individual life ownership rate has declined, the number of households that own individual life has increased. Currently, 7 million households own individual life, suggesting growth of 1.2 million households (21 percent) since 2013. The increase in ownership volume is a result of stability in market penetration, while the population base is growing.[3]


[1] “The Washington Post,”, accessed August 25, 2020.

[2] “The Canadian Encyclopedia,”, accessed August 25, 2020.

[3] Statistics/Statistique Canada, Annual Demographic Estimates, 2019;, accessed August 25, 2020.

No part of any report may be reproduced or translated without written permission from LIMRA. Please contact Customer Service for further information.

Related Research

Meet the Project Director

For more information, please contact

Did you accomplish the goal of your visit to our site?

Yes No