Life Insurance Needs Calculator
Estimate how much life insurance coverage your family needs.
2026 Tax YearData stays on your deviceUpdated Apr 1, 2026
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Recommended Coverage
$1,140,000.00
| Income Replacement (10 yrs) | $750,000.00 |
| Mortgage | $350,000.00 |
| Other Debts | $20,000.00 |
| Education Fund | $50,000.00 |
| Total Needs | $1,170,000.00 |
| - Existing Insurance | -$0.00 |
| - Savings | -$30,000.00 |
| Coverage Needed | $1,140,000.00 |
Frequently Asked Questions
How much life insurance do I need?
A common rule of thumb is 10x your annual income. A more precise calculation considers income replacement, debts, mortgage, education costs, and existing savings.
Term vs whole life?
Term insurance covers a specific period (10, 20, 30 years) and is much cheaper. Whole life covers you permanently and builds cash value but costs 5-15x more. Most families are best served by term insurance.
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Built and reviewed by Konstantin Iakovlev · Data from CRA, CMHC, Bank of Canada · MethodologyDisclaimer: This calculator provides estimates based on publicly available data from CRA and other government sources. It does not constitute financial advice. Consult a qualified advisor for decisions about your specific situation.
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