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Insurance

How Much Life Insurance Do I Need?

Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial plan for you and your family. This step usually requires the purchase of a life insurance policy to ensure that your family's needs will continue to be met, even after your untimely death cuts your earnings potential short.

Age, Income and Assumptions	Input

Your current age	(1-99)

Your spouse's current age	(1-99)

Current annual income	(0-9999999)$

Spouse's annual income	(0-9999999)$

Spouse's desired retirement age	(1-99)

Investment return: (%)	(0-12)%

Anticipated inflation rate: (%)	(0-10)%
Immediate Cash Needs	Input

Funeral expenses	(0-9999999)$

Final expenses	(0-9999999)$

Mortgage balance	(0-9999999)$

Other debts	(0-9999999)$
Long-Term Income Needs	Input

Desired annual income needs (typically 70-80% of current combined income)	(0-9999999)$

Number of years income is needed	(1-70)

College needs	(0-9999999)$
Available Resources	Input

Investment assets	(0-9999999)$

Existing life insurance	(0-9999999)$

Include social security benefits?

Age of oldest child under 18	(0-18)

Age of second child under 18	(0-18)

Age of third child under 18	(0-18)

Age of fourth child under 18	(0-18)

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Age, Income and Assumptions	Input

Your current age

Your spouse's current age

Current annual income

Spouse's annual income

Spouse's desired retirement age

Investment return: (%)

Anticipated inflation rate: (%)
Immediate Cash Needs	Input

Funeral expenses

Final expenses

Mortgage balance

Other debts
Long-Term Income Needs	Input

Desired annual income needs (typically 70-80% of current combined income)

Number of years income is needed

College needs
Available Resources	Input

Investment assets

Existing life insurance

Include social security benefits?

Age of oldest child under 18

Age of second child under 18

Age of third child under 18

Age of fourth child under 18

See All Calculators

{ "fields" : { "udata" : [ "clientAge" , "spouseAge" , "clientIncome" , "spouseIncome" , "spouseRetAge" , "beforeTaxReturn" , "inflation" , "funeral" , "finalExpenses" , "mortgageBalance" , "otherDebts" , "desiredIncome" , "term" , "collegeNeeds" , "investmentAssets" , "lifeInsurance" , "includeSocsec" , "child1Age" , "child2Age" , "child3Age" , "child4Age" ] } }

This calculator is provided by Financial Calculators, Inc., and is intended solely for general information and educational purposes. You should not take any action on the basis of the information provided through this calculator. Please see the disclaimer for further information and limitations.

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Rates

Rates provided by

Mortgages

Mortgages Type Rate

1-yr Closed 3.54%

3-yr Closed 4.15%

5-yr Closed 4.97%
GICs

GICs Type Rate

1-yr Annual 0.95%

3-yr Annual 2.12%

5-yr Annual 2.77%
RRSP

RRSP Type Rate

1-yr 0.94%

3-yr 2.09%

5-yr 2.75%

Mortgages Type	Rate
1-yr Closed	3.54%
3-yr Closed	4.15%
5-yr Closed	4.97%

GICs Type	Rate
1-yr Annual	0.95%
3-yr Annual	2.12%
5-yr Annual	2.77%

RRSP Type	Rate
1-yr	0.94%
3-yr	2.09%
5-yr	2.75%

View rates in your area

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