How much life insurance do you need?
Tell us a bit about yourself and we’ll calculate the amount of life insurance you need to protect your family.
Step 1: Your debts and final expenses
The first step is to determine the cost of your final expenses and the amount of debt that you owe (including your mortgage, loans, and funeral costs).
Step 2: Determine your family’s financial needs
As well as your final expenses and debts, you also need to consider how much income your family would need (and for how long) in case of your unexpected death.
Step 3: What are your assets worth?
We’ll add up the total cost of your final expenses, debts and family financial needs. Then we’ll subtract this number from the total value of your assets to help calculate your life insurance needs.
Thanks! Here’s how much life insurance you may need:
Total debt and final expenses:
Annual family income needs:
Total assets and investments:
|How much do you owe on your mortgage?|
|How much debt do you have?|
|How much do you expect your final expenses to cost?|
|Total current debts and final expenses|
|What’s your current annual income?|
|How much of your income would your family need if you died?|
|How much survivor pension income will your family get?|
|For how many years would your family need to replace your income?|
|What rate of return do you expect from your death benefit?|
|How much will your family need in an emergency fund?|
|How much do you expect childcare to cost?|
|How much do you expect your children’s education to cost?|
|Total family's financial needs|
|How much do you have saved?|
|What’s the value of your non-registered investments?|
|What’s the value of your registered investments?|
|How much do you have in your TFSA?|
|What’s the value of your real estate holdings?|
|What’s the value of your business assets?|
|What’s the value of your insured mortgage and loans?|
|What’s the value of your current life insurance plans?|
|What’s the value of your other death benefits (like CPP)?|
|Your assets and financial resources|
|Your current debt and final expense|
|Your family's financial needs||+|
|Your assets and financial resources||-|
|Your current life insurance needs|