How much life insurance does your family actually need?
Most Canadians are underinsured — or have no idea how much coverage they actually need. This calculator shows you exactly what your family would need if something happened to you today. No sign-up required.
Your Family Profile
Income & Dependents
Most advisors recommend 10-15x annual income
Debts & Obligations
Average Canadian funeral: $10,000-$15,000
Assets & Existing Coverage
Future Obligations
Average Canadian university: $80,000-$100,000 total
Aging parents, special needs, etc.
Preferences
Not sure how much coverage you have?
Book a Free Insurance ReviewRecommended Coverage
Income replacement + Debts + Final expenses + Education - Assets - Existing coverage
Income Replacement
$800,000
Total Debts to Clear
$430,000
Final Expenses
$15,000
Education Fund
$0
Existing Assets & Coverage
- $50,000
Your Coverage Gap
$1,195,000
Your family would be short $1,195,000 if something happened today.
Coverage Breakdown
Term Insurance
Best for: income replacement, mortgage protection, while kids are young.
Lower cost, temporary protection. Ideal for covering large, temporary obligations like a mortgage or raising children.
Permanent Insurance
Best for: estate planning, lifelong coverage, tax-sheltered growth.
Higher cost, builds cash value. Lasts your entire life and can be used as a tax-advantaged asset class.
Based on your profile, a combination of term and permanent coverage likely makes the most sense.
Common Life Insurance Mistakes
Insuring income only — not debts
Many policies don't account for the full mortgage balance at time of claim, leaving families struggling to pay the bills.
Forgetting the stay-at-home parent
Replacing childcare, household management, and support has real dollar value that needs to be protected.
Relying solely on group benefits
Group coverage typically ends when you leave your job — and rarely covers enough for your family's true needs.
Based on your income of $80,000, $430,000 in debts, and 0 dependents, your family would need approximately $1,245,000 to maintain their lifestyle and meet all obligations. Your current coverage and assets of $50,000 leaves a gap of $1,195,000.
Make sure your family is protected.
The right amount of life insurance is different for everyone. Book a free review and we'll calculate your exact needs, compare policy options, and make sure your family is never left short.
Book your free insurance review →This calculator provides estimates only and does not constitute insurance advice. Coverage needs vary based on individual circumstances. Always consult a licensed insurance advisor before purchasing coverage. Sarah Lovett is licensed in British Columbia (LIC-2025-0059458-R01).
