However, British Columbia presents an interesting conundrum. Residents there take out the second-largest policies in the country, but their income falls below the national average — just $69,150 in 2011. That means their annual income comprises just 30 per cent of their life policy’s coverage.
Researchers at CLHIA were unable to account for the irregularity when approached for comment.
“I suspect it’s a bit of an anomaly, but the answer is we don’t know,” said CLHIA spokesperson Wendy Hope. “Maybe people in B.C. just like to have more insurance!”
If that’s true, brokers in British Columbia may want to market their services more aggressively. Unlike residents in other provinces, British Columbians are purchasing life insurance at far lower rates. As of the end of 2012, just 2.2m residents held a life insurance policy — 50 per cent of the province’s 4.4m-population.