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 Online Insurance |
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How much life insurance do you need?
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This calculator will help you estimate how much life insurance you may need.
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Step 1
Immediate Cash Needs
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Step 2
Ongoing Income
Needs
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Step 3
Current Assets
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Step 4
Results
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Step 1 – Immediate Cash Needs
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How much will your family need to cover expenses if you pass away?
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Estimate the cost of any final expenses. This would include funeral expenses (as a guide, the typical cost of a funeral is $15,000), as well as any final taxes owing at death.
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How much would you need to pay off your current mortgage, if you do not already have creditor life insurance on that mortgage?
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How much would you need to pay off other loans and debts (such as credit cards, car loans, lines of credit) if you do not already have creditor life insurance on those loans or debts?
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How much would be needed for an emergency savings fund? The general suggestion is to have at least 3 month's salary saved to cover any unplanned events.
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Children’s Education Fund
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How much would be needed for your children’s education fund? As an estimate, use $15,000 per year for each child for 4 years or $60,000 per child, less current education savings held in RESPs,
etc
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This calculator is not intended to provide a detailed analysis of your life insurance needs, but has been designed as a guide to determine the amount of life insurance you may need.
RBC Life Insurance Company makes no warranties, expressed or implied, as to the accuracy or completeness of the information contained herein. RBC Life Insurance Company shall not be liable for any losses or damages arising from any errors or omissions in such information or results, or any action or decision made by you in reliance on any information or results.
Depending on the amount of insurance you have chosen, and your lifestyle and health, you may be eligible for a lower rate.
Respecting your privacy is important to us.
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