Life Insurance Needs Calculator

Name *

First

Last

Email *

Funeral expenses ($)

Funeral costs can range from $5,000 (simple cremation) to $20,000 (full service burial).

Mortgage paydown ($)

Enter the outstanding balance of your mortgage. If unsure, enter the original mortgage amount.

Loans, credit cards ($)

Enter the total amount of bank loans, car loans, credit card balances and lines of credit.

Legal, executor fees ($)

Executor fees can be as high as 5% of the value of the estate.

Probate fees ($)

Probate fees can range from 0% to 1.5% of the value of your estate

Taxes ($)

Taxes may be owed on the collapse of RRSPs/RRIFs or capital gains on deemed dispositions.

Education fund ($)

Annual education costs (tuition and room and board) can range from $15,000 to $25,000 per year.

Selected Value: 0

Years to be funded

Selected Value: 0

Number of children

Education current funding available (RESPs) ($)

Enter the current value of any education funds such as RESPs.

Emergency Fund ($)

Three to six months of salary is a reasonable amount to cover unexpected expenses.

Gifts and bequests ($)

Enter an amount you want to leave to a charity or foundation.

Other cash requirements ($)

This includes other major expenses such as child care, home repairs, or a child's wedding.

Annual Household Income ($)

Enter the combined annual household income (before-tax)

Percent of annual income needed if you die (%)

How much income will your family need to maintain their current lifestyle if you die.

Less partner's available income ($)

Enter your surviving partner's income (before-tax).

Other income ($)

Other

Deplete or retain capital?

Deplete
Retain

Do you want to use up the capital (deplete) that will generate the income or retain it?

How long will you need the extra income? (Years)

Selected Value: 0

Number of years your family will need the capital to provide for living expenses and income.

Rate of return (%)

Enter the rate of return that will be earned by the capital. Over the last 90 years, the S&P 500 index has an average annualized return of 9.8%.

Inflation rate (%)

Enter a rate to index your annual income and protect it from inflation. The typical inflation rate in Canada over the past 25 years has been around 2%.

Savings ($)

Total you have in cash, chequing accounts, savings accounts, or other accounts.

Non-registered investments ($)

Total you have in mutual funds, stocks, bonds, and annuities that aren't in your RRSP or TFSA.

Registered investments ($)

Don't include TFSAs and RRSPs that are set aside for your retirement.

Existing life insurance ($)

Include all existing life insurance plans, group plans, and mortgage insurance.

CPP death benefit ($)

Canada pension plan death benefit is a one-time payout of $2,500 paid to your estate.

Other assets ($)

Additional Notes

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