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Canadian Life Insurance Calculator

Quick instructions & tips:

Some fields will be calculated automatically. You may change them or leave them alone.
Click on "Calculate" to get your results.

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:

Contact us to receive your FREE, risk-free, no-obligation financial analysis. We'll also show you how to save even more money by combining all your family life insurance needs into a single plan.
If you have group insurance, at least 50% of your life insurance should be personally owned.
Because life insurance needs change just as you and your family change, we suggest you review your life insurance plan at least every five years.

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