Insurance Needs
How much term life coverage do you actually need? Plug in your numbers, get an honest answer.
About you
Debts
Family
Counted against your need - but remember it disappears when you leave the job.
Recommended term life coverage
$745,000
Total need: $745,000 · Existing coverage: $0
20-year term
~$627 /yr
approx. $52 /month for a healthy non-smoker
30-year term
~$878 /yr
approx. $73 /month for a healthy non-smoker
Your coverage need over time
Your real need shrinks every year as the mortgage shrinks, debts clear, and fewer income years remain. Hover to see the figure at each age.
How we got there
Income replacement
10 years × your income × 80% (assuming spouse has some income)
$360,000
Debts and mortgage payoff
Wipe out the mortgage and any other debts so your family is debt-free
$320,000
Children's education fund
1 children × $50,000 per child
$50,000
Final expenses
Funeral, legal, and immediate post-death costs
$15,000
Disability coverage check
A working-age Canadian is far more likely to be disabled for 90+ days than to die before 65 - yet most people insure only the death.
Private own-occupation coverage for that gap typically runs $71-$213/month (rough range - quotes vary by occupation, age, and health). Group LTD also usually ends if you change jobs.