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How much life insurance does your family actually need?
The 10× income rule of thumb is a guess. This calculator sizes your real coverage gap — income replacement in today's dollars, your mortgage, the kids' education, minus what you already have. Live results as you move the sliders.
Watch your number update live
Tell us about your family
Before tax — everything your household brings in each year.
Most families choose enough years to get the kids grown and independent, or to get a partner to retirement.
The amount still owing today — check your latest statement if you're not sure.
Car loans, credit cards, lines of credit — anything you'd want cleared.
Include little ones and any you're planning for.
A four-year degree in Ontario runs roughly $40K–$80K including living costs.
Include coverage through work and any personal policies.
TFSAs, RRSPs and other savings your family could draw on.
A typical Canadian funeral costs $10K–$20K, plus final bills.
Your family's number
$1.01M
That's the coverage that would keep your family's life on track — the mortgage paid, the kids' education funded, and 10 years of income replaced.
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Where it comes from
Two-minute check
What are the odds it happens to you?
See your real odds of death, critical illness or disability before 65 — from Statistics Canada and CLHIA data. Three questions, no email.
Check my oddsThe math, line by line
- Income replacement ($75,000 × 10 yrs, today's dollars)
- $673,694
- Mortgage & debts
- $375,000
- Education funds (2 × $50,000)
- $100,000
- Final expenses
- $15,000
- Total needs
- $1,163,694
- Less: what you already have
- −$150,000
- Your coverage gap
- $1,013,694
Quick sanity check: the old "10× your income" rule of thumb suggests $750,000. Your personalized gap is $1,013,694 — the difference is your mortgage, your kids and what you already have doing the talking.
The fine print. This is an educational estimate, not financial, tax, or legal advice. Your real number depends on your full situation — that's exactly what a short, no-obligation meeting is for.
How this is calculated
- Income replacement is discounted to today's dollars at a 2% real rate — $75,000 of income for 10 years is shown as what it would take invested today to pay it out, not the raw $750,000.
- Savings are counted at full value. If your RRSP/TFSA is earmarked for retirement, reduce the savings figure before relying on the gap.
- Education defaults of ~$50,000 per child cover tuition-heavy scenarios; four years away from home in Ontario runs closer to $100,000.
- This is a needs estimate for planning discussion — not an insurance quote. Actual premiums depend on age, health, smoking status and product type.
Get your coverage analysis report
Your full breakdown, a term vs. whole life comparison, premium estimates by age, and a coverage review checklist.
Coverage questions, answered
How is the income replacement figure calculated?
Instead of simply multiplying your income by the number of years, we discount each future year's income back to today's dollars at a 2.5% real rate. That mirrors how a lump-sum death benefit invested conservatively would actually fund the replacement income — so a 10-year need is less than 10× income in present-value terms.
Why does it subtract my savings and existing insurance?
Those resources will be there for your family either way, so you don't need to insure against them. The coverage gap is the shortfall between your total needs (income, mortgage, debts, education, final expenses) and the resources you already have — that's the amount of new coverage to consider.
Should I include my mortgage?
Almost always yes. Creditor (mortgage) insurance from a bank only pays off the balance, is underwritten at claim time, and gets cheaper coverage as your balance drops while the premium stays flat. Personally owned term insurance pays your family the full amount, tax-free, and they decide how to use it.
How much should I budget per child for education?
A four-year degree in Canada now runs roughly $80,000–$100,000 including residence, or $40,000–$60,000 living at home. The calculator defaults to $50,000 per child. If you already have a healthy RESP, you can lower this figure.
Is this a life insurance quote?
No — it sizes the need, not the price. Actual premiums depend on age, sex, smoking status, health and the product type (term vs. permanent). A healthy 35-year-old can often cover a $1M gap with term insurance for a modest monthly cost. Book a meeting and we'll price your exact number.
Not sure the risk is real? See your personal odds of death, critical illness or disability before 65.