How the calculator works
It adds four things your family would need: income for the number of years you choose, the mortgage, other debts, and money for education and final expenses. Then it subtracts the life insurance and savings you already have. The result is rounded up to the nearest $25,000.
A full walk-through with an example is in how much life insurance do I need?
What the number does not tell you
It does not know your partner's income, your pension, or whether you want the mortgage paid off or just carried. Treat it as the start of the conversation. When you request a quote, I go through the details with you before recommending an amount.
Common questions
Is my information saved?
No. The calculation happens in your browser. If you click through to the quote form, only the final amount is carried over, to save you typing it again.
How many years of income should I enter?
Enough to get your family to the point where they could manage without your income. Many people use the number of years until their youngest child finishes school.
Should both partners use the calculator?
Yes, separately. Each person's coverage is based on what the family would lose without them.
Written and reviewed by Sandeep Singh Pawar, licensed life insurance agent in Ontario. Last reviewed .