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Canadian Life Insurance Calculator

Quick instructions & tips:

Calculate Your Life Insurance Needs

Personal Relevant Information Spouse A Spouse B
Annual net income from all sources $ $
Number of children

Assets and existing life insurance
Liquid assets
(Cash on hand, GICs, RRSPs and other investments)
$ $
Total amount of existing life insurance policies
(include group insurance, personal insurance. DO NOT include mortgage insurance - this web page explains why!
$ $
Liabilities and cash needs
Emergency Fund (3 months income) $ $
Total mortgage amounts owing
(Residential, commercial etc.)
$ $
Total of loans and other debts
(such as bills and credit cards)
$ $
Final expenses
(funeral expenses, lawyer fees, income & capital gains taxes)
$ $
Education fund
(e.g. $10,000 per child per year of schooling)
$ $
Charitable donations
(religious organization, medical research institutions, etc.)
$ $
Other cash needs
(child care, aging parents, etc.)
$ $
Income needed by your survivors in the event of your death
Annual income to provide for your survivors   %   %
Or enter initial income to provide for your survivors $ $
Approximate number of years income is to be provided    
Annual increase in income   %   %
Annual rate of return on investments
(before taxes)
  %   %
 

Your Results* Spouse A Spouse B
Total liabilities and cash needs      
Amount of income needed by your survivors +    
Total capital required to meet your cash and income needs =    
Total assets -    

Additional Life Insurance Needed

=    

 

* These results are based on assumptions you provided as well as national average amounts, and is for illustration purposes only. Projected values and rates of return are not guaranteed.

 

Final Tips:

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