Life Insurance Needs

Life insurance is one of the best ways to protect your family's financial security.
Cash Needs Expand
How much will be needed to cover immediate expenses?
Funeral expenses
Funeral Expenses
Funeral costs can range from $5,000 (simple cremation) to $20,000 (full service burial).
0
0
Mortgage paydown
Mortgage paydown
Enter the outstanding balance of your mortgage. If unsure, enter the original mortgage amount.
0
0
Loans, credit cards
Loans, credit cards
Enter the total amount of bank loans, car loans, credit card balances and lines of credit.
0
0
Legal, executor fees
Legal, executor fees
Executor fees can be as high as 5% of the value of the estate.
0
0
Probate fees
Probate fees
Probate fees can range from 0% to 1.5% of the value of your estate.
0
0
Taxes
Taxes
Taxes may be owed on the collapse of RRSPs/RRIFs or capital gains on deemed dispositions.
0
0
Education fund
Cost per year
Education fund
Annual education costs (tuition and room and board) can range from $15,000 to $25,000 per year.
0
0
Years to be funded
0
0
Number of children
0
0
Current funding available (RESPs)
Current funding
Enter the current value of any education funds such as RESPs.
0
0
Subtotal
0
0
Others
Emergency fund
Emergency fund
Three to six months of salary is a reasonable amount to cover unexpected expenses.
0
0
Gifts and bequests
Gifts and bequests
Enter an amount you want to leave to a charity or foundation.
0
0
Other
Other Expenses
This includes other major expenses such as child care, home repairs or a child's wedding.
0
0
Other
0
0
Total Cash Needs $0
0


Expand Income Needs
How much future income is needed to sustain your survivors?
Annual household income
Annual Household Income
Enter your combined annual household income (before-tax).
0
0
Percent of annual income needed if you die
Percent of Income Needed
How much income will your family need to maintain their current lifestyle if you die.
0.00
0.00
Subtotal
0
0
Less:
Partner's available income
Partner's Income
Enter your surviving partner's income (before-tax).
0
0
Other
0
0
Other
0
0
Subtotal
0
0
Others
Annual income shortage
Annual Income Shortage
This is the annual income that needs to be by funded by proceeds (capital) from life insurance.
0
0
Deplete/Retain Capital
Do you want to use up the capital (deplete) that will generate the income or retain it?
How long will you need the extra income?
Years of income
Number of years your family will need the capital to provide for living expenses and income.
0
0
Rate of return
Rate of Return
Enter the rate of return that will be earned by the capital.
0.00
0.00
X
Input Error: Rate of Return
Enter a value between and %.
Inflation rate
Inflation Rate
Enter a rate to index your annual income and protect it from inflation.
0.00
0.00
X
Input Error: Inflation Rate
Enter a value between and %.
Total Needed to Meet Income Shortage $0


Expand Available Assets
How much do you have to meet cash and income needs?
Savings
Savings
Total you have in cash, chequing accounts, savings accounts or other accounts.
0
0
Non-registered investments
Non-Registered Investments
Total you have in mutual funds, stocks, bonds and annuities that aren't in your RRSP or TFSA.
0
0
Registered investments
Registered investments
Don't include TFSAs and RRSPs that are set aside for your retirement.
0
0
Existing life insurance
Existing Insurance
Include all existing life insurance plans, group plans and mortgage insurance.
0
0
CPP death benefit
CPP Death Benefit
Canada Pension Plan death benefit is a one-time payout of $2,500 paid to your estate.
2,500
2,500
Other
Other Assets
If your survivors might sell your house, car, business or farm assets, include their value here.
0
0
Other
0
0
Other
0
0
Total Available Assets


Expand Your Life Insurance Need
How much do you have to meet cash and income needs?
Cash needs
0
0
Income needs
0
0
Total Cash & Income Needs
0
0
Less available assets
0
0
Life Insurance Need * $0
* A positive amount indicates an insurance need. A negative amount indicates an insurance surplus.

 
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