Term Life Insurance Calculator

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This tool will help you to identify: what term life plan best suits your needs; and it also calculates the amount of insurance (e.g. face amount) you require.

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Term Life Type Calculator:

How many children do you have?
How old is your youngest child?
Are you going to have more children?
Do you have money saved for your children's education?
Do you want to use your benefits to pay off a mortgage or loan?
When will your mortage (or loan) be fully paid?
How many years of income should your life insurance cover? (in case there is no income due to illness, accident, etc.)
Do you already have a life insurance policy in effect?
When are you retiring?
If applicable, when is your spouse retiring?
How are you financing your retirement?
Do you have a tax-free savings account? No      Yes

Term Life Amount Calculator:

Total amount of current life insurance coverage: $
Value of all investments
(e.g. savings, RRSPs, stocks, bonds, etc.):
Amount of other monthly income:
(any other income if the insured passes away)
$ / month
Amount owing on your current mortgage: $
Total amount of all other debt:
(e.g. leases, loans, credit card debt, etc.)
Monthly expenses:
(e.g. utilities, insurance premiums, clothing, food, fuel, etc.)
Cost of funeral arrangements: $
Total tuition and education costs for all children: $
How much monthly income would your family require? $ / month
How many years of income would your family require?  

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