The average life insurance payment for a single Canadian family was about $3,500 last year, according to a Globe analysis of personal and corporate records from the Canada Revenue Agency.
That compares with a figure of about $1,000 in 2014 and $1.80 in 2013.
The average payout for a family of four was about the same as it was in 2015.
That is because a family’s total life insurance benefits are split between its members, who are required to contribute a maximum of $6,000 to their policy each year.
But a single policy can be cancelled or re-written, so it can be difficult to track the exact dollar amounts.
The Globe’s analysis of life insurance policies shows the average payout dropped nearly 40 per cent in the past five years as the number of people with coverage increased.
The percentage of families with a policy that was cancelled or rewritten dropped to 8.2 per cent last year from 9.6 per cent five years ago.
In contrast, the number with policies that had been renewed grew from 7.5 per cent to 10.4 per cent over the same period.
The number of companies that offer life insurance plans also increased from 639 in 2015 to 1,062 in 2017.
However, the total number of life policies in Canada fell from 4.4 million in 2015, when the country was in recession, to 4.1 million in 2017, when it was out of recession.
A few companies have emerged as leaders in life insurance, such as Cigna.
The company said it will begin offering its first comprehensive life insurance plan in the next few months.
“It’s been the right fit for us,” said Mike Cipollini, Cignar’s chief executive officer.
“Our strategy has always been to provide affordable, flexible coverage for our customers who have experienced the downturn in the economy.”
The Cigno Life Insurance Company’s chief strategy officer, Brian Wysolak, said that many of his colleagues are also trying to manage their portfolios.
“If you look at the trends, there is a general perception that people are taking out large amounts of money in their accounts, but I’m actually finding that’s not the case,” he said.
The new Cignos life insurance policy is the third to be introduced in the last five years.
The first was launched in 2014.
The other two are designed for younger customers who might need to refinance their policies.
The Cipolinis, who have an average age of 76, plan to renew their policies at Cignocare.ca, which will give them access to the same policies that are available at CincoDeals.com.
Both companies also offer a limited number of flexible policy options.
Cignacare’s life insurance offers a variable rate for up to $500 per month, while Cignacoins offers a fixed rate that depends on the age of the policyholder.
A new Cinconestrol life insurance offering will be launched in the coming months.
Cipoins Life Insurance offers a flexible policy that can be renewed for as long as the policy holder is 55 years old.
A more affordable option, CipooInsurance, was launched last year.
The service costs about $25 a month, and it will cost $250 a year for two years.
CinCOins Life Insures offers a $1-per-month life insurance option.
CIPoins’ service offers a three-year variable rate.
Both Cipoleins and CinCoins offer a fixed, three-month policy.
The two companies offer a different pricing model for their customers, so if you are looking for a specific policy, CinInsurance is probably your best bet.
However if you need to get a better deal, CIPOins will be the one to go with.