Life insurance calculator
for Canadian families.
Add up what your family would need if your income stopped, subtract what's already in place, and see your coverage gap in seconds. No email required, and nothing you type is saved.
Coverage calculator
Work out your own number
Enter what applies to you. Leave anything blank at zero — the total updates as you type.
This calculator provides a general estimate based on the figures you enter. It is not personalized financial or insurance advice. Your actual coverage needs depend on circumstances this tool doesn't capture — speak with a licensed advisor before making a decision.
What you owe and what you'd stop earning, minus what you already have.
The calculator adds up everything your family would have to pay for without you, then takes off the money that would already be there for them. The result is the amount of new coverage worth buying.
Coverage needed = mortgage + other debts + (income × years) + education + final expenses − existing coverage − savings
What to put in each box
- Mortgage balance. What you still owe today, not the original loan amount. Paying it off is usually the single biggest thing a policy does for a family.
- Other debts. Car loans, lines of credit and card balances that would fall to your estate.
- Your annual income and years to replace it. Your income before tax, multiplied by the number of years your family would depend on it. A common choice is until your youngest child is independent. The calculator caps this at 30 years.
- Education fund. What you'd want set aside for your children's post-secondary costs. Roughly $50,000 per child is a reasonable starting point.
- Final expenses. Funeral and estate costs, typically $15,000 to $25,000. The calculator assumes $20,000 if you leave it blank.
- Coverage you already have. Any personal policies plus group life insurance through work.
- Savings and investments. Only money your family could actually draw on. Leave out anything locked in or earmarked for your own retirement.
What it leaves out
It's a planning estimate, so it keeps the maths simple. It doesn't adjust for inflation or for investment returns on the payout, and it doesn't count government benefits such as CPP survivor benefits. A licensed advisor can refine the number for those if you want more precision.
Why the answer is often well above 10× income.
The old rule of thumb says to buy ten times your income. It was built for smaller mortgages than most Ontario families carry today, so in the GTA it tends to come up short.
Take a parent earning $95,000 with two young children and a $650,000 mortgage. Ten times income suggests $950,000. Running their actual figures through the calculator gives a number about 77% higher, and most of that difference is the mortgage.
Read the full guide to how much you need →Turning the number into a policy.
Most families cover a number like this with term life insurance, because it's the cheapest way to insure the years when the mortgage is largest and the children are youngest. If the total feels high, you don't have to buy it all as one policy. Some families split it into two terms that end at different times, so coverage steps down as the mortgage shrinks.
To see what your number would cost, compare quotes from 25+ Canadian insurers. Prices depend mainly on your age, health, smoking status and the amount, and our guide to life insurance costs in Ontario shows typical ranges by age.
Common questions
Guides that go deeper.
How much life insurance do you need?
Why the ten-times-income rule breaks down in the GTA, with three worked household examples.
Read the guide →What happens to your mortgage when you die
Who becomes responsible for the balance in Ontario, how probate treats the home, and where coverage fits.
Read more →What life insurance costs in Ontario
Typical monthly premiums by age and coverage amount, and what moves the price.
See the rates →Now see what your number costs.
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