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Life Insurance Calculator

How much life insurance do you really need?

Tell us about your income, what you owe and what you already have. Your estimate updates as you go, and you can see exactly how the number is built.

  • Educational estimate
  • No email or phone number needed
  • No obligation
Start your estimate
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Your estimate$1,275,000

The figures below are examples. Replace them with your own.

How we calculate your estimate

These are planning assumptions used by this calculator. They are not insurer or industry standards, and an insurer or your broker may use different figures.

  • Income replacement: 70% of your yearly income, for each year your family would need support. Some costs end when a person does, so the full income is rarely needed.Planning assumption.
  • Debts: your mortgage balance and other debts, so your family is not left to pay them.
  • Education: the amount you want set aside for each child.
  • Final expenses: funeral and estate costs. $25,000 is a planning figure, and you can change it.Planning assumption.
  • What you already have: savings, your TFSA and life insurance you already have count in full. RRSPs count at 70%, as an allowance for the tax paid when money is withdrawn.Planning assumption. The actual tax depends on income and timing. Coverage through work may end if you change jobs.
  • Coverage level: Lean, Balanced and Extra take 75%, 100% or 125% of the remaining gap. Lean keeps the amount lower but leaves part of the gap uncovered. Extra adds a cushion for costs this calculator leaves out.These levels are this calculator's planning choices, not insurer categories.
  • Suggested term: the shortest of 10, 20 or 30 years that covers the years of support you chose.Planning assumption. Insurers offer other term lengths, and what is available depends on the insurer and your age.
  • Rounding: the result is rounded up to the nearest $25,000 to give a round planning figure.Planning assumption. Insurers set their own coverage amounts and increments.
  • Not included: inflation, investment returns, a partner's income, government benefits, and business or estate planning. Your broker covers those with you.

Protect the rest of your plan

Disability Insurance CalculatorSee the monthly benefit that would keep your bills paid if you could not work.Check your income Critical Illness CalculatorSee the lump sum that would carry you through a serious illness.Check a serious illness Mortgage Protection CalculatorSee the coverage that would keep your mortgage paid.Check your mortgage

This calculator gives an educational estimate only. It is not advice, a quote or an offer of insurance, and it is not a professional assessment of your needs. The figures it uses are planning assumptions, not insurer standards. The coverage you can get, and what it costs, depend on the insurer and on underwriting, including your age, health and lifestyle. A licensed Vansure broker reviews your needs with you before you apply.

Ready to explore your options?

Start a life insurance quote online, then review your options with a licensed BC broker.

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Common questions

Enough to clear your debts, replace your income for the years your family would rely on it, and cover final costs, less the savings and coverage you already have. The calculator above works this out from your own numbers.

The death benefit from a personal life insurance policy is generally paid to your named beneficiary tax-free.

Term life insurance covers you for a set period, such as 10, 20 or 30 years, and costs less. Permanent life insurance lasts your whole life and can build cash value. Many families start with term to cover the years with a mortgage and children at home.

Often not on its own. Group coverage is usually one or two times your salary, and it usually ends when you leave the job. A policy you own stays with you.