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Canadian insurance planning tool

Life Insurance Needs Calculator

Estimate the amount of life insurance your family may need to manage debts, replace income and cover important future expenses.

Nothing you enter is submitted or stored.
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Tell us what your family would need

Use approximate amounts. You can adjust every number and see the estimate update immediately.

Immediate financial obligations

Expenses your family may need to pay or set aside after your death.

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Include the balance you would want paid off.
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Credit cards, loans and other obligations.
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Funeral, legal, accounting and estate costs.
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Total education funding for your dependants.
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Childcare, household support, caregiving, charitable gifts or another one-time goal.
Ongoing family support

Estimate the annual amount your household would need to replace—not necessarily your full salary.

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Consider living costs previously supported by your income or unpaid household work.
For example, until children are independent or a spouse reaches retirement.
Existing resources and coverage

Include only resources that would realistically be available to support your family.

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Exclude money your family should not use for these needs.
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Include personally owned policies currently in force.
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Check your benefits statement. Workplace coverage may change if you leave your job.
Advanced income-replacement assumptions

These assumptions estimate the amount needed today to fund future inflation-adjusted withdrawals.

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Investment returns are not guaranteed. Use conservative assumptions and discuss them with a qualified insurance or financial professional.

What this estimate includes

The calculator uses a needs-based approach. It adds the financial obligations and ongoing family support you entered, then subtracts savings and insurance already available.

Review workplace coverage carefully

Employer life insurance can be valuable, but it may be reduced or lost when employment changes. Check the amount, beneficiary and portability of your group coverage.

Update after major life changes

Revisit your estimate after buying a home, having a child, changing jobs, taking on debt or experiencing a significant change in income.

Learn more from the Financial Consumer Agency of Canada .