
Bernie GeissCanada
May 29, 2020
I was asked by a reporter if this issue affected many people. I felt that it did but didn't have objective data to back up my assumption. I spent some time at the Canadian Life and Health Insurance Associations website to find out more. Here's what I found:
- There was $4.8 Trillion dollars of life insurance in force as of 2018
- About $20 billion in life insurance premiums paid annually
- About 22 million policy holders
- The average Canadian household has $423,000 of life insurance
- Individual term insurance made up about $2.0 trillion dollars of the total insurance coverage
- Individual 10 year term insurance will make up the bulk of the inforce term.
- I am guessing that there is approximately $200 Billion of term insurance renewing in 2020.
- If we divided that number into months that's $16.5 billion per month of insurance renewing each month
- We don’t know how many will be unable to get new coverage because of a lack of medical testing
- The above figures are extracted and/or extrapolated from the CLHIA 2019 Fact Book.
http://clhia.uberflip.com/i/1162310-canadian-life-and-health-insurance-facts-2019/13
Thanks again for your support and I encourage you to continue to spread the word until this is resolved.
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