Protect your family
Life Insurance Needs
What would your family need to keep going?
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Life Insurance Needs Calculator
Choose the income you want your family to receive, then include debts, other costs and existing resources.
Life Insurance Needs Calculator
Enter your own numbers. Use 0 for amounts that do not apply, and tap ⓘ for help.
Enter your own yearly take-home income after tax and payroll deductions, not the combined household income. If you know your monthly take-home pay, multiply it by 12. For self-employment, use income after business expenses and tax.
Choose how much of your take-home income your family would need replaced if you passed away. For example, 75 means 75%: $60,000 a year × 75% = $45,000 a year. Consider income that would continue and costs that would stop, including payments on debts paid off above. This is your choice, not a recommended percentage.
How many years you want this income support to last after your death. For example, $45,000 a year for 10 years gives $450,000 of income support. Choose a period that fits your family, such as until your children can support themselves.
Debts you want paid off, such as a mortgage, loans and credit cards. If you include a debt here, do not also include its repayments in the income support amount.
One-time amounts you want to provide for, such as education and funeral costs. Do not repeat costs already included in debts or yearly income support.
Savings or investments your family could actually use for these needs. Exclude money needed for other goals and property they would need to keep, such as their home.
Life insurance already covering the person being assessed. Include only benefits expected to be available to the family; workplace coverage may change when employment ends.
Enter your details to see your estimate.
All amounts in Canadian dollars. Results update as you type.
Assumptions and limitations
Income support = your current annual take-home income × your chosen percentage ÷ 100 × years of support. The calculator adds debts and other costs, then subtracts available savings and existing life insurance. Choose the percentage after considering income that would continue and costs that would stop. Do not double-count mortgage payments if the debt is included separately. No inflation, investment return, estate tax or changing benefits are modelled. A zero estimate is not advice to cancel coverage. This is a starting point for a needs review, not a coverage recommendation, premium quote or eligibility decision.
Educational estimate only. Review your situation before making a financial decision.