Term Life Calculator

We’ve provided you with an easy to use calculator that can help you determine what sort of insurance coverage you would need. Simply fill out the appropriate fields and you’ll have a good estimate of your financial needs and obligations.

Your Life Insurance Needs

Total liability and cash needs


Amount of income needed by your survivors


Total life insurance required to meet your cash and income needs


Total assets


Total life insurance required to meet your cash and income needs


Immediate Cash Needs

Final expenses

(include lawyer fees and any final taxes owing at death)

Total mortgage amount owing

(deduct any existing creditor life insurance on that mortgage)

Total loans and debts

(credit cards, lines of credit, bills)

Children education fund

(as an estimate use $10,000 to $15,000 a year per child, less any current education savings)

Emergency savings fund

(funds need to cover any unplanned events)

Ongoing Income Needs

How much annual income would your family require to continue meeting their financial obligations?

(as an estimate use 60% to 70% of your current annual income)

How many years would your family rely on this income?

(as an estimate you can use the number of years until your children become independent or the number of years to retirement)

Current Assets

How much cash and other liquid assets such as GICs, RRSPs and other investments that could be easily liquidated do you have?

How much do you have in other disposable assets such as rental properties, cottages or business assets?

What is the total amount of existing life insurance policies?

(include personal insurance as well as group insurance under an employee plan)


Knowledge CENTRE

Learn more about Term Life Insurance and see how a policy can work for you with these helpful tools and resources.


We’ve provided these helpful tips for creating the right insurance plan.


We address some of the most common questions about life insurance.


Calculate how much term life insurance you need.