How much life insurance do I need?

Answer a few questions to estimate your life insurance needs
How much debt would need to be paid off if you die?
Estimate the Total of Mortgage, Loans, or Credit Cards to be paid off.
The average debt of Canadians with a mortgage, home equity line of credit and other debts is $317,800 (CMHC Q4 2018)

Question 1 of 5

How much money will your family need to maintain their standard of living over perhaps several years if you die? Multiply your annual income by the number of years it would need to be replaced.
Total
Canadians spend on average $86,070 for Total Annual household expenditures. (Stats Can 2017). Average household size of owner with mortgage is 3.05 people (Stats Can 2016)

Question 2 of 5

Estimate how much money your family would need to meet immediate expenses such as funeral costs and legal expenses.
The average cost for a traditional funeral in Canada is $12,925 (inmemory.ca Jan 2019). Legal, accounting and probate fees extra.

Question 3 of 5

Do you have any existing life insurance? Enter total coverage amount of all your existing life insurance, including any Empire Life Simplified 10 and Simplified 20 coverage currently on your life.
The average employee benefits group coverage is 2X salary (Benefits Consultant 2015).

Question 4 of 5

Enter the amount of any savings or other financial resources that would be used to pay debts and expenses if you died.

Question 5 of 5

Total Debts and Expenses
Total Existing Sources of Income
Total Life Insurance Needed
Alert Icon Minimum coverage amount of $50,000 selected for online purchase. Or you can connect with an Advisor in your area who can discuss other options The maximum amount you can buy online is $500,000 which is less than your identified needs. You can purchase that amount by Connecting with an Advisor in your area. Alternatively, you can purchase up to $500,000 by proceeding to the Quote page