Basic Life Insurance Calculator  
Current year  
Personal Information  
Marital status (drop down choice)
 
   
Coverage Information  
This calculator estimates the amount of insurance required to support dependents by providing a pool of capital that will create an income approximately equal to what the policy holder would have earned during working years. It is designed to calculate term insurance needs only and does not factor in additional features found in whole life or universal life insurance policies. The user has the option to calculate additional insurance needs to retire debt, fund post-secondary education, etc. This tool does not provide calculations for the use of insurance in estate planning strategies.  
Commission and Premium Information  
The results provided by this calculator do not consider the cost of premiums for various policies. Cost of premiums can be a major factor when determining the amount of coverage that is affordable as well as whether separate polices or joint policies should be considered for couples. Discuss all options with your Life Insurance Agent before making a decision.  
Policy Cancellation Information  
Those considering life insurance coverage of any type need to be aware of premium default clauses, cancellation procedures and return of premiums, particularly in regard to whole life and universal life policies.  
Life Insurance Coverage - Single
Name
Year of birth
Current age
Retirement age
Annual gross income
Do you have dependents 21 years of age or  under
Birth year of youngest child
Life policy on
Beneficiary
Life insurance policies currently in place
Income replacement life insurance coverage  
Income replacement life insurance coverage on policy holder
Funeral costs, probate costs, last expenses to be covered by insurance
Income replacement insurance coverage
Life insurance policies currently in place
Income replacement coverage - minus policies currently in place
 
Do you want to calculate coverage for debt obligations?
Life Insurance Coverage for Debt Obligations
Balance owing on credit cards
Mortgage debt
Years remaining until full mortgage repayment
Non-mortgage debt
Years remaining until full repayment of non-mortgage debt
Other (post-secondary education funding for children)
Debt obligation coverage
Life insurance policies currently in place
Debt obligation coverage - minus policies currently in place
 
Comprehensive income replacement & debt obligation coverage
Life insurance policies currently in place
Comprehensive coverage - minus policies currently in place
 
Life Insurance Coverage - Couple
Name
Year of birth
Current age
Retirement age
Annual gross income
Do you have dependents 21 years of age or  under
Birth year of youngest child
Life policy on
Beneficiary
Life insurance policies currently in place
Income replacement life insurance coverage  
Coverage on policy holder suggested
Funeral costs, probate costs, last expenses to be covered by insurance
Income replacement coverage  
Life insurance policies currently in place
Income replacement coverage - minus policies currently in place
 
Do you want to calculate optional coverage?
Life Insurance Coverage for Debt Obligations
Balance owing on credit cards
Mortgage debt
Years remaining until full mortgage repayment
Non-mortgage debt
Years remaining until full repayment of non-mortgage debt
Other (post-secondary education funding for children)
Debt obligation coverage  
Life insurance policies currently in place
Debt obligation coverage - minus policies currently in place
     
Comprehensive income replacement & debt obligation coverage
Life insurance policies currently in place
Comprehensive coverage - minus policies currently in place
 
Alternate solution - joint first to die policy
Income replacement coverage
Income replacement coverage - minus policies currently in place
Coverage for debt obligations
Debt obligation coverage
Comprehensive coverage income replacement & debt obligation coverage
Comprehensive coverage - minus policies currently in place