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Insurance Calculator-Thrive

How much life insurance do I need?

As your life changes, your insurance needs can change, too. Life insurance is a way to ensure your loved ones are financially secure in the future. We can help you find the right insurance solution, so you can enjoy peace of mind.

Use this calculator to estimate the amount of life insurance you need to protect your family.

How much life insurance do you need?

Step 1: Your debts and final expenses

The first step is to determine the cost of your final expenses and the amount of debt that you owe (including your mortgage, loans, and funeral costs).

The goal is to make sure your life insurance policy will cover the cost of your mortgage debt in case of your unexpected death.
Please enter an amount less than $10,000,000.
Do you have any outstanding loans that you want to be paid off in case of death (including car loans, credit cards, lines of credit, etc.)?
Please enter an amount less than $10,000,000.
How much will your family need to cover your final expenses like probate, funeral expenses, uninsured final medical costs, etc.?
Please enter an amount less than $10,000,000.
Step 2: Financial Needs

Step 2: Determine your family’s financial needs

As well as your final expenses and debts, you also need to consider how much income your family would need (and for how long) in case of your unexpected death.

What’s your total annual income before tax? This will help determine income needs for your family.
Please enter an amount less than $10,000,000.
A good rule of thumb is around 70%. The higher the percent, the more insurance coverage you’ll need.
Please enter a value between 0 and 100
How much will your family receive each year from your Canada Pension Plan, Quebec Pension Plan or other pension?
Please enter an amount less than $10,000,000.
For example if your children are 18 you might only need to support them until they finish their post-secondary education.
Please enter an amount less than 80.
What rate of return do you expect if your beneficiaries reinvest your death benefit? This can generate annual income for your family.
Please enter an amount less than 50%.
It’s a good idea to have about six months of monthly gross income saved.
Please enter an amount less than $10,000,000.
How much would be needed to pay for your children’s upbringing until they no longer require childcare?
Please enter an amount less than $10,000,000.
Multiply the annual cost of education (roughly $18,000 per year) by the number of years needed for each child and then add them together.
Please enter an amount less than $10,000,000.
Step 3: Assets

Step 3: What are your assets worth?

We’ll add up the total cost of your final expenses, debts and family financial needs. Then we’ll subtract this number from the total value of your assets to help calculate your life insurance needs.

Think bank accounts and cash.
Please enter an amount less than $10,000,000.
What’s the estimated value of your non-registered investments if sold in the event of your death?
Please enter an amount less than $10,000,000.
What’s the estimated value of your registered investments (like your RRSP or RRIF) if sold in the event of your death?
Please enter an amount less than $10,000,000.
What’s the estimated value of your TFSA if sold in the event of your death?
Please enter an amount less than $10,000,000.
What’s the estimated value of your real estate investments if sold in the event of your death?
Please enter an amount less than $10,000,000.
Enter the estimated value of your business or farm assets if sold in the event of your death.
Please enter an amount less than $10,000,000.
An insured mortgage means that any outstanding balance will be paid by the insurance proceeds.
Please enter an amount less than $10,000,000.
Enter the value of any life insurance benefits you have in your current personal or group policies.
Please enter an amount less than $10,000,000.
Enter the lump sum death benefit from your Canada Pension Plan, Quebec Pension Plan or other pension.
Please enter an amount less than $10,000,000.
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Your results

Thanks! Here’s how much life insurance you may need:

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Results summary

How much do you owe on your mortgage?  
How much debt do you have?  
How much do you expect your final expenses to cost?  
Total current debts and final expenses  
What’s your current annual income?  
How much of your income would your family need if you died?  
How much survivor pension income will your family get?  
For how many years would your family need to replace your income?  
What rate of return do you expect from your death benefit?  
How much will your family need in an emergency fund?  
How much do you expect childcare to cost?  
How much do you expect your children’s education to cost?  
Total family's financial needs  
How much do you have saved?  
What’s the value of your non-registered investments?  
What’s the value of your registered investments?  
How much do you have in your TFSA?  
What’s the value of your real estate holdings?  
What’s the value of your business assets?  
What’s the value of your insured mortgage and loans?  
What’s the value of your current life insurance plans?  
What’s the value of your other death benefits (like CPP)?  
Your assets and financial resources  
Your current debt and final expense  
Your family's financial needs +  
Your assets and financial resources -  
Your current life insurance needs  

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Need Advice?

Are you reviewing your insurance plan? We encourage you to contact us to arrange a no-obligation meeting to discuss your options.

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