All toolsTool · Live calculations
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Insurance Needs
How much term life coverage do you actually need? Plug in your numbers, get an honest answer.
About you
35 yrs
1875
$85,000
$20,000$300,000
$40,000
$0$250,000
10 yrs
125
Debts
$300,000
$0$2,000,000
$20,000
$0$250,000
Family
1
06
$50,000
$0$150,000
$15,000
$0$50,000
$0
$0$3,000,000
Recommended term life coverage
$745,000
Total need: $745,000 · Existing coverage: $0
20-year term
~$52 /yr
approx. $4 /month for a healthy non-smoker
30-year term
~$73 /yr
approx. $6 /month for a healthy non-smoker
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
Buy term, not whole life. Whole life and universal life policies cost 5–10x more for the same coverage. The PFC consensus: buy term life from an online broker (e.g. PolicyMe, PolicyAdvisor, or Emma), then invest the difference in your TFSA.