Loans (auto, credit cards, personal, etc.) Enter the total amount of outstanding loan balance(s) that you would like to pay off in the event of death. Include loans of all types e.g. car, credit card, line of credit and other.

Final expenses (burial, probate, executor fees, etc.) Enter the estimated final expenses including burial and uninsured final medical costs.

The percentage of income your survivor needs (e.g. 70%) Enter a percentage amount to apply to your current annual gross income to determine the future income need for your survivor. 70% is generally used in financial and insurance planning. The higher the percentage you enter, the higher the insurance need required to generate the stream of future income for your survivor.

Survivor pension income (e.g. CPP/QPP survivor income)

The number of years of income protection Enter the number of years during which your survivor will continue receive a stream of income in the event of your death.

Assumed investment rate of return to generate future income The insurance death benefit can be reinvested and the investment income earned can contribute to providing the annual income needed by your survivor.

Emergency fund Enter an amount equal to 6 months of your monthly gross income if you do not have a specific number in mind.

Child-care expenses Enter the amount of child-care expenses that would sustain the upbringing of your child(ren) to an age that they no longer require child care.

Education fund (Annual amount x Years x Number of children) Enter the estimated education fund for all your children. If you do not have a specific number in mind, estimate the cost of university/college at $10,000 per year per child if living at home. If living away from home, estimate $18,000 per child.

Non-registered stocks, bonds and mutual funds Enter the estimated value of your monetary investments if you decide to sell them in the event of death to meet part of your financial needs. Your required life insurance coverage will be reduced by the amount entered here.

Registered investments Enter the estimated value of your monetary investments if you decide to sell them in the event of death to meet part of your financial needs. Your required life insurance coverage will be reduced by the amount entered here.

Tax Free Savings Account (TFSA) Enter the estimated value of your registered investments if you decide to sell them in the event of death to meet part of your financial needs. Your required life insurance coverage will be reduced by the amount entered here.

Real estate (estimated value if desired to sell assets of death) Enter the estimated value of your real estate investments if you decide to sell them in the event of death to meet part of your financial needs. Your required life insurance coverage will be reduced by the amount entered here.

Business or farm assets (estimated value if desired to sell assets of death) Enter the estimated value of your business or farm assets if you decide to sell them in the event of death to meet part of your financial needs. Your required life insurance coverage will be reduced by the amount entered here.

Insured mortgage(s) and other loan balances Enter the total amount of mortgages and loans that are currently INSURED, meaning that the outstanding balances will be paid off by the insurance proceeds at time of death.

Other existing personal, or group life insurance Enter the total amount of life insurance benefits that you currently have in other personal or group policies.

Other death benefits (pension plan, CPP/QPP) Enter the lump sum death benefit you have from any pension plan or CPP/QPP pension.

STEP 2:Determine financial needs

Your family's financial needs:

STEP 3: Deduct assets

Your assets and financial resources: