You've decided that you need life insurance, and that's a great start! But how much life insurance is enough?
Use this simple calculator to get an idea of how much insurance your spouse will need to protect your family until life expectancy. When you're done you can even easily submit your info directly to your advisor to start building a plan specific to your family.
This calculator is for general information purposes only. There are assumptions used to simplify the calculation for ease of use. In particular, we assume a 30% average income tax, all cash available for survivors is assumed to be after tax, and an education fund is included using the average Canadian 4-year university cost. If the age of the insurance policy beneficiary (spouse) is less than 65, the retirement age is assumed to be 65. Otherwise, the retirement age for the beneficiary is assumed to be their age plus 1. Protection for children is until the youngest reaches age 25. For a more customized and detailed analysis of your financial needs, please speak with your financial advisor.