If I Have a Provincial Health Insurance Plan, Why Do I Need Critical Illness Insurance? Our calculator will help work out how much life insurance you might need in just a few minutes, based on what you'll want to leave for your family, or the balance of your mortgage or other debts. This will help determine income needs for your family. An insured mortgage means that any outstanding balance will be paid by the insurance proceeds. How much will your family need in an emergency fund? We’ll add up the total cost of your final expenses, debts and family financial needs. (savings and investment accounts, TFSAs, etc. Then we’ll subtract this number from the total value of your assets to help calculate your life insurance needs. In the meantime, learn a little about what a first meeting with an advisor is all about , and see the impact working with an advisor can have on your future. For a healthy person between 18 and 70 years old, life insurance costs an average of $68 a month for a 20-year, $250,000 policy. How much do you expect childcare to cost? This simulation tool is presented for information purposes only. You can get a free life insurance quote to find out the exact life insurance premium you’ll pay, or compare average rates in the table below by searching for your age. 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. Your insurance results have been emailed to you. Use our life insurance calculator to help determine the amount of life insurance coverage necessary to protect your family in the event of your death. If your analysis indicates a shortage, life insurance may be the ideal solution to address it. You should include bank accounts, mutual funds, certificates of deposit, stocks, bonds and cash. Before you get a term life insurance quote or look at the cost of term life insurance, use our term life insurance calculator to make sure you are covered appropriately and help determine what your life insurance rate could be. Do not include plans that only pay in case of accidental death, as these may not be payable.x. To estimate how much life insurance you need, just follow these three easy steps. What is the life insurance calculator? Rent in Canada is, on average, 22.40% lower than in United States . 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.)? 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). Then we’ll subtract this number from the total value of your assets to help calculate your life insurance needs. The goal is to make sure your life insurance policy will cover the cost of your mortgage debt in case of your unexpected death. (If you do not see it please check your spam folder, you may need to add us to your e-mail contact list.). A good rule of thumb is around 70%. Connecting During COVID-19: Holiday Edition, 5 Tips for Managing Holiday Stress and Prioritizing Self-Care, Four tips for safe online shopping over the holidays, Gifting Life Insurance During the Holidays. Life Insurance Cover Our new life insurance calculator will help you work out just how much insurance you need, taking into account your current mortgage, debts, any life insurance and death-in-service benefits. If you continue, we’ll assume you are happy for your web browser to receive all cookies from our website. 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