1-888-601-9980
Life Insurance
Calculator
Calculate your life insurance needs in seconds
Most Canadians can be forgiven for not knowing exactly how much life insurance they need without a little help. Factors like debts, mortgages, partners, and other dependents affect how much insurance you may require. You also must consider how long you need insurance coverage for and how many people you are looking to protect financially.
Our easy, online life insurance calculator helps you determine everything about your insurance coverage needs. We also give you a head start, saving time and money by comparing the best online insurance rates and companies once you are done. Get started below or read more about how we calculate term life insurance needs in Canada, as well as other types of life insurance coverage.
Key factors that affect life insurance needs
Mortgage
Do you have an outstanding mortgage debt? It’s common to match a term life insurance coverage period to your mortgage length.
Young Children
New parents choose a life insurance policy can cover the expenses that accompany raising their young family into adulthood
Education Needs
Providing for a dependent’s university, college, or other educational training needs is a motivator for life insurance
Dependents
Dependents can mean more than just your children. It could mean providing for a dependent parent, sibling, or anyone else that counts on you financially
Savings
If you have significant savings, your life insurance needs may not be as great and you can consider a smaller policy to cover final expenses
Existing Insurance
Depending on your group benefits or prior policies you might have existing coverage and only require a small amount of coverage to cover the gaps.
How much does Life Insurance cost in Canada?
One of the major factors by which life insurance premiums are calculated in Canada is your age. It should come as no surprise that premiums rise as you get older, and your age is determined by your nearest birthday. Click on any of the ages below to find out more about the cost of insurance at these stages in one’s life, or click on the calculator button to find out how much your policy might cost in 5 minutes.
How much does Life Insurance cost in Canada?
One of the major factors by which insurance premiums are calculated in Canada is your age. It should come as no surprise that premiums rise as you get older, and your age is determined by your nearest birthday. Click on any of the ages below to find out the average life insurance cost at these stages in one’s life, or click on the calculator button to find out how much your policy might cost in 5 minutes.
How much life insurance do I need in Canada?
Finding the sweet spot for how much life insurance you need is no enviable task. You don’t want to choose so little as to not cover any outstanding debts as well as the cost of living for those you leave behind.
At the same time, choosing an amount that’s too large may prove costly in the future. What if you realize you may not have needed that much insurance coverage and could have saved some money? Luckily, our online life insurance calculator takes into account all the unique coverage needs of Canadians like yourself. It fine tunes your options so they hit the sweet spot between the right life insurance coverage and the right price. If you are asking yourself: How do I calculate how much life insurance I need – click on the button below to find out the right amount of coverage for you.
Calculate the cost of Life Insurance in Canada
Once you know how much life insurance you need – you naturally wonder how much it costs. As we already mentioned, age is a major determining factor when it comes to the cost of insurance premiums. BUT, it’s not the only one.
When you use our online life insurance quote tool, it will take into account your gender, smoking status, health, family medical history, driving and extreme sport history, foreign travel, occupation and many other risk factors that will inform the potential costs of your insurance premiums. When you also consider your savings, the amount of your policy, and the potential terms, using an insurance quoting tool makes sense in Canada. Click the button below to get started.
When should I buy life insurance?
While it would be easy for us to tell you to buy life insurance right now, it may not be the right answer for your current personal financial situation. Our Canadian insurance calculator will help you narrow down whether or not it is the right time for your to get insurance based on your age, debts, dependants, and more.
Our insurance needs calculator is perfect for those who are unsure of when and how much life insurance coverage they need. If you’ve recently gotten married, purchased a home, or had children, these are signs you may need coverage. If you’re in doubt, just click the button below to launch our Canada-based online life insurance calculator to determine your needs.
Why use an online Life Insurance calculator?
Save time
Save money
More choice
Shop from anywhere
We may have a bias, but we believe there is no downside to using an online life insurance calculator in Canada.
Online insurance calculators offer all the advantages of traditional in-person insurance brokers with none of the downsides. You can find out what how much insurance you need on any device you own, from anywhere, at anytime with an online life insurance needs calculator.
Once you find out your appropriate amount of life insurance coverage, you can shop and compare prices from 20 of Canada’s top life insurance companies, all without the sales pressure of an in-person brokerage experience.
Your time is better spent with those whose future you’re trying to protect. Save time and money with our insurance needs calculator today – just click the button below.
Save time Save money
We may have a bias, but we believe there is no downside to using an online life insurance calculator in Canada.
Online insurance calculators offer all the advantages of traditional in-person insurance brokers with none of the downsides. You can find out what how much insurance you need on any device you own, from anywhere, at anytime with an online life insurance needs calculator.
Once you find out your appropriate amount of life insurance coverage, you can shop and compare prices from 20 of Canada’s top life insurance companies, all without the sales pressure of an in-person brokerage experience.
Your time is better spent with those whose future you’re trying to protect. Save time and money with our insurance needs calculator today – just click the button below.
Frequently Asked Questions
What information do I need to calculate my life insurance needs?
Our life insurance needs formula requires the information that many refer to as the DIME formula. DIME is an acronym that stands for Debts, Income, Mortgage, and Education. Thus, you’ll need to know how much your debts are, your current income level, your outstanding mortgage, and the amount of money you may intend to put towards your children’’s education. While seemingly basic, these pieces of information – along with some personal questions about your dependents – go a long way in determining your coverage needs.
How do I calculate life insurance needs for my spouse or partner?
If you are looking to calculate life insurance needs for your partner, this is an activity best done together. Our licensed insurance brokers have years of experience helping couples out their insurance needs together and helping them save time and money in the process. They can walk you through your options (like joint insurance policies) and other areas where you can save money. Schedule a call today.
This tool tells me my coverage needs. Do you have a life insurance cost calculator?
If you already know your life insurance needs or have an exact number in mind you plan to apply for, then proceed to our life insurance quoting tool. By providing some information about your health and your desired insurance coverage (like whether you are choosing term life insurance or another type) our tool can provide you with quotes in less than 5 minutes.
What type of life insurance is best?
There are several types of life insurance, though most wonder about the difference between term life and whole life insurance.
Term life insurance covers an individual for a specific period of time; whole life insurance covers an individual for the rest of their life. Term life insurance offers a pre-determined tax-free death benefit, whole life insurance offers both a death benefit and an investment component.
Determining which coverage best depends entirely on your intents and financial situation. Learn more about term life versus whole life insurance.
