Canadians across the nation don’t differ much in the rate at which they purchase life insurance policies. According to provincial data from the Canadian Life and Health Insurance Association
(CLHIA), roughly 60 to 70 per cent of residents in each province purchase an individual life policy.
However, the amount of coverage per insured individual varies greatly. The province rankings in terms of largest amount of coverage per policyholder were:
1. Alberta — $270,300 per individual
2. British Columbia — $225,500
3. Manitoba — $198,600
4. Saskatchewan — $196,100
5. Ontario — $191,400
6. Prince Edward Island — $175,100
7. Newfoundland and Labrador — $172,600
8. Nova Scotia — $161,500
9. New Brunswick — $144,500
10. Quebec — $132,100
National Average: $183,600
For the most part, these figures are fairly self-explanatory. In top-ranked Alberta, for example, the average resident’s income reached nearly $90,000 in 2011, as compared to a national average of $72,000, according to census data. Generally speaking, the more income a policyholder brings in, the larger their coverage amount. (continued.)
Two-thirds of Canadians hold life policies, but the level of coverage varies dramatically depending on which province you call home.