The life insurance industry in Canada is a multi-billion dollar industry. According to the Canadian Life and Health Insurance Association (CLHIA) the amount of life insurance owned by by Canadians at the end of 2007 was $3.1 trillion dollars, with a little over $280 billion brought that year alone. Of that total, the CLHIA reports that 772,000 individual polices were purchased with an average death benefit of $245,600. So why have over 20 million people in Canada invested the financial future of their dependents in life insurance?
The reasons people purchase life insurance polices are varied. The majority of Canadians want to make sure that their loved ones would be provided for in the event of the unimaginable. Term life insurance is designed to protect you over a set amount of time. These types of policies are popular in that they are straight forward, and the premiums are cheaper than whole life policies.
A permanent or whole life policy is different in that it never expires, which guarantees you leave behind a death benefit. These types of polices also accumulate a cash value, which can make insurance a great investment option. These types of policies, although not guaranteed, can also pay dividends which making it ideal for retired individuals looking to supplement their income.
With over 105 active life insurance companies in Canada, each offering their own products, it is easy to see how buying insurance can become an overwhelming experience. An experienced life insurance professional acts as a guide, who works with you to get you the coverage you need, at a price within your budget. LifeCover.ca works with a large network of independent brokers across Canada who are ready to help you get the best coverage. Trust us, life insurance can be this easy.