Life Insurance Needs Calculator

Funeral costs can range from $5,000 (simple cremation) to $20,000 (full service burial).
Enter the outstanding balance of your mortgage. If unsure, enter the original mortgage amount.
Enter the total amount of bank loans, car loans, credit card balances and lines of credit.
Executor fees can be as high as 5% of the value of the estate.
Probate fees can range from 0% to 1.5% of the value of your estate
Taxes may be owed on the collapse of RRSPs/RRIFs or capital gains on deemed dispositions.
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
Enter the current value of any education funds such as RESPs.
Three to six months of salary is a reasonable amount to cover unexpected expenses.
Enter an amount you want to leave to a charity or foundation.
This includes other major expenses such as child care, home repairs, or a child's wedding.
Enter the combined annual household income (before-tax)
How much income will your family need to maintain their current lifestyle if you die.
Enter your surviving partner's income (before-tax).
Do you want to use up the capital (deplete) that will generate the income or retain it?
Selected Value: 0
Number of years your family will need the capital to provide for living expenses and income.
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%.
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%.
Total you have in cash, chequing accounts, savings accounts, or other accounts.
Total you have in mutual funds, stocks, bonds, and annuities that aren't in your RRSP or TFSA.
Don't include TFSAs and RRSPs that are set aside for your retirement.
Include all existing life insurance plans, group plans, and mortgage insurance.
Canada pension plan death benefit is a one-time payout of $2,500 paid to your estate.