The study found that household nationwide hold an average of $509,000 in life insurance, falling short of the $595,000 estimated as necessary to replace income and cover debts in the event of a death. Ontario showed the largest gap, with households needing neary $794,000 but holding only $552,000, a shoftfall of more than 30%. Meanwhile, Alberta and Quebec follow at 21% and 25%, while British Columbia is underinsured by just over 16%.
