Life Insurance Needs Calculator

Estimate how much coverage your household may need. This is a planning and education tool — not personalized financial advice. Nothing you enter is stored or transmitted.

✓ Client-side only ✓ No data collected ✓ Transparent formula

Planning tool — not financial advice. This calculator uses a straightforward addition model common in financial education. The result is an approximate planning estimate — not a recommendation, not a quote, and not a guarantee. Every household's situation is different. Speak with a licensed insurance advisor for personalized guidance.

Income Replacement

If you died today, how long should your income continue for your dependants?

Annual income (before tax) Your gross employment income

Years of income replacement needed Number of years your dependants would rely on your income

years

Debts and Obligations

Outstanding balances your estate may need to clear.

Mortgage balance Remaining balance on your home mortgage

Other debts Car loans, lines of credit, credit cards, student loans

Future Goals

Amounts you want to set aside for specific future needs.

Education funding goal Post-secondary education costs for children or dependants

Final expenses Funeral costs, estate legal fees, and similar end-of-life expenses. Typically $10,000–$25,000.

Other obligations Charitable gifts, support for parents, or other commitments

What You Already Have

Deducted from the estimate — these reduce how much new coverage may be needed.

Existing life insurance coverage Total death benefit from all current policies, including group coverage at work

Applicable liquid assets Savings, investments, or other assets you intend to set aside for these obligations — not your family home or RRSP if needed for retirement

Planning estimate

$385,000

Based on the information entered, this planning estimate is approximately $385,000.

How this is calculated

Income replacement (10 yrs × $70,000)	$700,000
Mortgage balance	$300,000
Other debts	$0
Education goal	$0
Final expenses	$15,000
Other obligations	$0
Less: existing coverage	−$0
Less: applicable assets	−$0
Planning estimate	$385,000

Next steps — educational

Explore Coverage Amounts → Compare Term vs Permanent Browse Insurance Carriers

Ready for an offer? The "Get Covered" link in the navigation takes you to a commercial life insurance experience — separate from this educational tool. Registry directory ranking and content are not affected by any commercial arrangement.

⚠ This is an educational planning estimate, not a financial recommendation. Results are not a quote or guarantee of coverage. Speak with a licensed insurance advisor for personalized advice.

Learn more

What Is Life Insurance?

Understand the basics before estimating how much you need.

Term vs Permanent

Once you know the amount, learn which type fits your situation.

Coverage Explorer

See what different coverage amounts could cover in practice.

Glossary

Plain-language definitions of insurance terms used in this tool.