A quick planning estimate

How much life insurance might your family need?

Build a practical starting estimate in a few minutes. Add what your family may need, subtract resources already available, and see the gap.

Canadian dollarsSharing is optionalDesigned for clarity

Immediate needs

Expenses and commitments your family may want covered.

Final expensesFuneral, legal and estate costsEmergency fundA reserve for unexpected costsMortgage balanceOther debtsLoans, credit cards and credit linesEducation fundingAmount you want set aside

Income replacement

Income your family may need to maintain its lifestyle.

Required monthly incomeConsider ongoing household income after taxYears income is requiredyearsOften tied to retirement or children becoming independent

Available resources

Only include assets your family would actually use for these needs.

Cash and savingsNon-registered investmentsRRSP and TFSA savingsExisting life insurancePersonal and workplace coverageOther assets availableOnly assets intended to be sold or used

Keep a copy of your estimate

Create a printable summary for your records or an advisor discussion. In the print window, choose your printer or “Save as PDF”.

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Life Insurance Needs Summary

Client: Not provided

Prepared: Date recorded when printed

The client completed this form and supplied the calculator information. Completion source is self-declared; the information has not been independently verified.

Estimated additional life insurance required$15,000

Immediate needs	$15,000
Income replacement	$0
Total calculated needs	$15,000
Less available resources (including existing insurance)	− $0

Immediate needs

Final expenses	$15,000
Emergency fund	$0
Mortgage balance	$0
Other debts	$0
Education funding	$0

Available resources

Cash and savings	$0
Non-registered investments	$0
RRSP and TFSA savings	$0
Existing life insurance	$0
Other assets available	$0

Income replacement inputs

Monthly income: $0 · Years required: 15

Method and assumptions

Income replacement equals monthly income × 12 × years. Immediate needs plus income replacement, less available resources, gives the estimated additional insurance required (minimum $0). No adjustment is made for inflation, investment returns, taxes, survivor earnings or CPP benefits. Only include resources intended for these needs; do not count the same resource twice. Amounts are in Canadian dollars and displayed rounded to the nearest dollar; calculations use the entered amounts.

This is an estimate based solely on the information entered, not an insurance recommendation or guarantee of coverage. Information has not been independently verified. A qualified advisor should review the inputs, assumptions, taxation of assets and appropriate coverage before any decision.

Advisor notes / follow-up

Keep in mind

Life insurance is about protecting the plan—not chasing a number.

This calculator uses a straightforward capital-needs approach. A complete review should also consider survivor earnings, CPP benefits, taxes on registered assets, inflation, investment returns and whether each asset should truly be spent.