Life Insurance Needs

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


Income Needs
How much future income is needed to sustain your survivors?
Name
Annual household income
0
0
Annual Household Income
Enter your combined annual household income (before-tax).
Percent of annual income needed if you die
0.00
0.00
Percent of Income Needed
How much income will your family need to maintain their current lifestyle if you die.
Subtotal
0
0
Less:
Partner's available income
0
0
Partner's Income
Enter your surviving partner's income (before-tax).
Other
0
0
Other
0
0
Subtotal
0
0
Annual income shortage
0
0
Annual Income Shortage
This is the annual income that needs to be by funded by proceeds (capital) from life insurance.
Deplete or retain capital?
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?
0
0
Years of income
Number of years your family will need the capital to provide for living expenses and income.
Rate of return
0.00
0.00
Rate of Return
Enter the rate of return that will be earned by the capital.
Inflation rate
0.00
0.00
Inflation Rate
Enter a rate to index your annual income and protect it from inflation.


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


Your Life Insurance Need
Name
Cash needs
0
0
Income needs
0
0
Total Cash & Income Needs
0
0
Less available assets
0
0
* A positive amount indicates an insurance need. A negative amount indicates an insurance surplus.


 

Disclaimer
This calculator is for educational purposes only. All charts and illustrations are for illustrative purposes only and are not intended to illustrate the performance of any security or portfolio. You should not rely on the results as an indication of your financial needs and we recommend that you seek your own financial, investment, tax, legal or accounting advice nor shall the information herein be considered as investment advice or as a recommendation to enter into any transaction. Professional advice should be obtained prior to acting on the basis of this information. The deduction of advisory fees, brokerage or other commissions and any other expenses that would have been paid may not be reflected in the calculation results. ©Copyright 2019 Ativa Interactive Corp. All rights reserved. Powered by Ativa.com.