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Tools & Calculators

Life Insurance Needs Calculator

Three quarters of Canadians prefer to buy life insurance in-person.* Providing for your family’s future is all about developing a proactive strategy to help ensure they are taken care of should something happen to you. We believe that one of the most important parts of this strategy includes having the appropriate amount and type of life insurance. Without it, everything you've worked for could be at risk. So how much life insurance do you need? You can create a rough estimate using our calculator below. With this estimate as a starting point, your financial advisor can take a closer look at your needs and help you prepare for the unexpected.

Immediate Cash Needs

Future Income Needs


Available Funds

Immediate Needs

How much money would your family need to cover current expenses if you passed away unexpectedly? Think about things like:

  • Funeral or other final expenses
  • Mortgage, care and credit card payments
  • An "emergency fund" for family members
  • Education expenses for children or grandchildren

Future Needs

Looking into the future, if you lost your income, would your spouse or other family members have enough to cover their ongoing expenses?


Enter the rate of return your family would expect if they invested any life insurance proceeds. (Default at 6% per IPC)

Enter a reasonable inflation rate to expect for your family's expenses over time. (Default at 3% per IPC)

Available Funds

What existing funds could your family use if you passed away unexpectedly?

Think about:

  • Savings (stock, bonds, mutual funds, cash)
  • Retirement 
  • Other (inheritances, rental property, annuities, etc.)

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