Insurance
Life Insurance Needs
- Total needs entered
- $1,020,000
- Available assets and life insurance
- $350,000
- Total income to replace over all years
- $600,000
Needs and resources use the same dollar scale. The insurance gap cannot be below zero. Resources can be greater than your needs.
A zero estimated gap does not confirm that you have enough insurance. This estimate adds up cash needs without allowing for investment returns. It does not show premiums, whether you qualify for insurance or which policy suits you.
Your estimate: Mortgage and other debts: $350,000 CAD · Funeral and other final expenses: $20,000 CAD · Education and one-time needs: $50,000 CAD · Annual Net Income: $40,000 CAD. All inputs, results, yearly tables and sources follow.
These estimates are for learning and planning, not investment, insurance or tax advice. All amounts are in Canadian dollars. Results are rounded and are not guaranteed.
Your inputs
These are the exact entries used for this calculation. Money amounts keep all the decimal places you entered.
- Mortgage and other debts
- $350,000 CAD
- Funeral and other final expenses
- $20,000 CAD
- Education and one-time needs
- $50,000 CAD
- Annual Net Income
- $40,000 CAD
- Number of years to replace this income
- 15 years
- Savings and assets available for these needs
- $100,000 CAD
- Existing life insurance coverage
- $250,000 CAD
Complete result summary
Estimated additional life insurance needed: $670,000
- Total needs entered
- $1,020,000
- Available assets and life insurance
- $350,000
- Total income to replace over all years
- $600,000
Canadian planning models · 09653a0 · Report format 2026-10-15. All assumptions and sources are included below.
Household needs and money available
| Item | Amount |
|---|---|
| One-time needs | $420,000 |
| Total income to replace over all years | $600,000 |
| Available assets and life insurance | $350,000 |
| Additional life insurance needed | $670,000 |
What this assumes
Total needs include debts, final expenses, education and other one-time costs, plus Annual Net Income multiplied by the number of years to replace it. Available assets and existing life insurance are subtracted to estimate the additional coverage needed. The result cannot be below zero.
The calculator adds up these amounts without adjusting for inflation, investment returns, tax or the lower value of future costs in today's dollars. It does not determine insurance premiums, whether you qualify, which policy suits you or whether workplace coverage will continue. A zero result does not confirm that you have enough insurance.
These estimates are for learning and planning, not investment, insurance or tax advice. All amounts are in Canadian dollars. Results are rounded and are not guaranteed.