Atlantic Canadians among most insured

Atlantic Canadians are among the most insured people in the country, according to statistics. Pelletier thinks the higher-thanaverage number of people with life insurance in Atlantic Canada stems from seniors' desire to avoid burdening their children. “Older people are more cautious … because they know their death is going to come sooner rather than later,” said Pelletier. In all, roughly 1.5 million Atlantic Canadians, or about 64.8 per cent of the population of these four provinces, had life insurance in 2016, the last year for which Statistics Canada has a population census. That regional average is largely driven by the higher-than-average demand for life insurance in New Brunswick and Nova Scotia, Canadian Life and Health Insurance Association figures reveal. While only 47 per cent of British Columbians and 48 per cent of Albertans had life insurance in 2016, New Brunswickers were second only to the residents of Quebec to be covered with this type of insurance, said Anthony Ng, the life insurance industry association’s manager of statistical services, in an interview. Fully 71 per cent of New Brunswickers had life insurance in 2016. The comparable figure in Quebec is 77 per cent. With a life insurance market penetration of 55 per cent, Islanders are roughly as likely to be insured for their eventual passing as Manitobans or residents of Saskatchewan. Newfoundlanders are tied with Ontarians with 59 per cent of people in each province having life insurance. Bluenosers seem to share a similar attitude to that of their neighbours in New Brunswick. In 2016, 61 per cent of Nova Scotians had life insurance, marginally higher than the national rate of 60 per cent.