Life Insurance
Calculator
Calculator
Calculate how much life insurance you may need to pay off debts,
cover your mortgage, replace lost income & more! (Please speak
with an advisor as our calculator provides an estimate only.)
Step 1/3
Cash Needs
How much would you need to cover immediate expenses?
Funeral Expenses
$0
Funeral costs can range from $5,000 (simple cremation) to $20,000 (full service burial).
Mortgage Balance
$0
The remaining balance owing on your mortgage; if unsure, enter the original mortgage amount.
Loans, Credit Cards & Other Debts
$0
Total amount owing on any bank loans, car loans, credit card balances, and lines of credit.
Other
$0
Any other major expenses such as education, child care, home repairs, or a child's wedding.
Total Cash Needs: $516,000
Step 2/3
Income Needs
How much would your beneficiaries need to sustain themselves?
Annual Household Income
$0
Combined annual household income, before tax, for you and your partner.
Annual Income Needed If You Die
0%
Percentage of above income needed by your beneficiaries if you die.
Number of Years Income Will Be Needed
0
Number of years your family will need the capital to cover living expenses.
Total Needed to Meet Income Shortage: $3,266,667
Step 3/3
Available Assets
What sort of assets can you use towards future cash and income needs?
Savings
$0
Total you have in cash, chequing, savings or other accounts.
Non-Registered Investments
$0
Total you have in mutual funds, stocks, bonds, and annuities that aren't in your RRSP or TFSA.
Existing Life Insurance
$0
All existing life insurance plans, group plans, and mortgage insurance.
Other Assets
$0
The value of your house, other properties, car, business or farm.
Total Available Assets: $52,500
$3,730,167
This is the total life insurance coverage we recommend, given the information
provided. A positive amount indicates an insurance need. A negative amount indicates an insurance surplus.
Cash Needs
$516,000
+
Income Needs
$3,266,667
=
Total Cash & Income Needs
$3,782,667
-
Less Available Assets
$52,500
=
Total Insurance Needed
Print Result
Download PDF
$3,730,167
Print Result
Download PDF
Now that you know, speak with an expert and we'll walk you through.
*This calculator assumes 2% inflation and 5% interest earned on investments. It also assumes that the principle value
of the investment is retained and only interest is used for income.
*This calculator is for educational purposes only. Tables, charts, and illustrations are for education purposes and are not intended to illustrate the performance of any security or investment porfolio. Rates and assumptions used in the calculator are not guaranteed. You should not rely on the results as an indication of your financial needs or future financial position. We recommend that you seek your own financial, investment, tax, legal, or accounting advice. The information herein shall not be considered as financial advice, or as a recommendation to enter into any transaction. Speak with a Financial Representative before acting on this information. The deduction of advisory fees, brokerage or other commissions, and any other expenses that you would have been paid may not be reflected in the calculation results. Serenia Life Financial and Serenia Life Financial Design are owned and operated by FaithLife Financial.
*This calculator is for educational purposes only. Tables, charts, and illustrations are for education purposes and are not intended to illustrate the performance of any security or investment porfolio. Rates and assumptions used in the calculator are not guaranteed. You should not rely on the results as an indication of your financial needs or future financial position. We recommend that you seek your own financial, investment, tax, legal, or accounting advice. The information herein shall not be considered as financial advice, or as a recommendation to enter into any transaction. Speak with a Financial Representative before acting on this information. The deduction of advisory fees, brokerage or other commissions, and any other expenses that you would have been paid may not be reflected in the calculation results. Serenia Life Financial and Serenia Life Financial Design are owned and operated by FaithLife Financial.
