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Life Insurance in Canada Procurement Price, Data and Insights
Life insurance is a type of policy that provides a specified amount of money to a buyer's stated beneficiary in the event of their death. Buyers are also referred to as policyholders. Key buyers include consumers and businesses, which use third-party vendors to offer life insurance policies to their workers.
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What’s included in this market coverage
IBISWorld's research coverage on the Life Insurance procurement and pricing environment in Canada includes market dynamics, buyer power scores, supply chain vendors with pricing trends and forecasts.
About this Market
What’s this procurement report about?
This procurement coverage of the Life Insurance market in Canada includes Individual Life Insurance, Group Life Insurance, Term Life Insurance, Cigarette Smoker Life Insurance, Nearing Retirement Life Insurance, Younger Individual Life Insurance and Middle Age Life Insurance. Standard coding in this coverage includes ISIC-6511-Life insurance, NACE-65.11-Life Insurance, NAICS-524113-Direct Life Insurance Carriers and UNSPSC-84131601-Life insurance.
What common market terminology is included?
Common market terminology included in the Life Insurance procurement coverage includes Beneficiary (A person or entity named in an insurance policy as the recipient of policy proceeds (benefits) in the event of the policyholder's death.), Demutualization (The legal and financial process of converting a customer-owned mutual organization into a business that has shareholders.), Rider (An additional provision added to an insurance policy.) and Underwriting (The process of evaluating the potential risk of clients, used to determine how much insurers should charge for insurance.).
What companies are included as top suppliers?
The top companies covered in the Life Insurance procurement report as suppliers are BMO Harris Bank N.A., Beneva Inc., The Independent Order of Foresters, E-L Financial Corp. Ltd. and Federation des caisses Desjardins du Québec.
Opportunity Assessment
What’s included in the Opportunity Assessment chapter?
The Opportunity Assessment chapter provides a comprehensive market analysis of the Life Insurance market in Canada category, including buyer power scoring, market pricing trends, vendor landscape, cost structure, and strategic negotiation levers.
The market pricing trends include the Market Price (2026) $1,000 in coverage per year per employee, a five year price forecast and a supply chain risk score. Vendor coverage includes a market share and cost structure breakdown.
Analysis includes a comprehensive SWOT analysis of and recent developments impacting the Life Insurance market environment.
Buyer Power Score
What’s included in the Buyer Power Score chapter?
The Buyer Power Score chapter assesses key components impacting Life Insurance procurement including the recent price trend, forecast price trend, availability of substitutes, switching costs, product specialization, average vendor risk, market share concentration, supply chain risk, price driver volatility and recent price volatility.
These components generate a Buyer Power Score that ranges from -5 (strongly favoring sellers) to +5 (strongly favoring buyers) plus a recommended strategy for procurement specialists.
Price Environment
What’s included in the Price Environment chapter?
The Price Environment chapter covers detailed pricing analysis and datasets on Life Insurance market environment. This includes insights into market pricing Market Price (2026), price forecasts, volatility, specialization, substitutes and switching costs.
Datasets in the Price Environment chapter include vendor cost structure, breakdowns of wage rates by geography and specialty, key external economic and labor drivers impacting the market and market pricing models.
Supply Chain & Vendors
What’s included in the Supply Chain & Vendors chapter?
The Supply Chain & Vendors chapter covers the concentration, risk and diversity of the Life Insurance market. This includes datasets on the market’s top suppliers, detailed analysis on the key sourcing risks and supply chain dynamics, with environmental, social and governance (ESG) considerations and scores.
Business Requirements
What’s included in the Business Requirements chapter?
The Business Requirements chapter covers vendor relationships, qualifications, service level agreements and key performance indicators. These inputs provide insight into the planning process through the buying lead time, vendor relationship and vendor qualifications. The sourcing process include key RFP elements like an organizational overview, project budget, selection criteria, project schedule, proposal format, inventory control, cost containment, regulation, quality control, distribution and key contract clauses.
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Frequently Asked Questions
What is the current market price for Life Insurance?
The 2026 benchmark market price for Life Insurance is per1.58 $1,000 in coverage per year per employee. Prices have increased at a CAGR of 1.3 from 2023-26.
Who are the top vendors in the Life Insurance market?
The top vendors in the Life Insurance market include BMO Harris Bank N.A., Beneva Inc., The Independent Order of Foresters, E-L Financial Corp. Ltd. and Federation des caisses Desjardins du Québec.
What factors affect the price of Life Insurance?
Age is a critical factor in determining life insurance premiums, as younger policyholders typically have lower mortality risk, leading to lower rates, while older applicants face higher premiums due to increased health risks. For example, healthy, non-smoking employees under the age of 25 typically cost the least, and cigarette-smoking employees over the age of 70 will generally cost the most, reflecting the actuarial calculations based on life expectancy and health considerations associated with age.
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