Protection for the People
Canada’s life insurance industry has a significant impact on the well-being of the people of the Toronto area. This industry provides a range of financial products that are critical to protecting the financial future of nearly 4.5 million people living in the GTA.
The industry…
- Provides about 3.5 million people in the Greater Toronto Area (GTA) with $608 billion in life insurance coverage. The average amount of coverage for each insured individual is about $178,000, compared with $164,500 across the country. Of the total life insurance coverage, about ½ is group insurance.
- Administers more than half of the pension plans in Canada, with about 1.2 million members across the country.
- Manages investments in RRSPs of nearly $72 billion.
- Reimburses GTA residents for health care expenses not covered by government programs.
- Provides 2.3 million employees and workers in the GTA with disability income protection. During 2008, $1.1 billion was received by GTA residents in disability payments under these plans.
- Provides 4.1 million people in the GTA with supplementary health benefits. This covers prescription drugs and other medical expenses. In 2008 supplementary health insurance plans paid GTA residents over $3.7 billion for health care expenses not covered by the public health care system:
- $350 million to GTA public hospitals for private and semi-private rooms
- Almost $1.6 billion towards prescription drugs.
- $90 million in health expenses for out-of-country expenses.
- Nearly $1.3 billion for dental care expenses.
- Over $300 million for other health care items like vision care, nursing and physiotherapy services, and chiropractic.
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