How Much Life Insurance Do I Need In Canada?
Use This FREE Income Replacement Calculator to Find Out in Minutes
Protect What Matters Most With the Right Coverage
When planning for life insurance, a key question is: How much life insurance do I need?
The answer varies depending on your income, your family’s lifestyle, and future expenses such as debt, tuition, or retirement. Each family is unique, which is why it’s essential to consult with an independent life insurance agent, such as those at TermCanada.
✅ Our Income Replacement Calculator helps you:
Estimate your life insurance needs based on actual numbers
Account for inflation and interest over time
Ensure your family is protected if you are no longer able to provide for them
Our free Income Replacement Calculator is specifically designed for Canadians to help you estimate the appropriate amount of life insurance based on your actual financial needs. Whether you are the primary breadwinner or a contributing income earner, it’s essential to determine your life insurance coverage based on facts rather than emotions.
Note: this tool is particularly important for single-income families.
It helps answer crucial questions, such as:
- How much money will my spouse or children need each year?
- How many years will they need support?
- What debts or future expenses must be covered?
With just a few inputs, our calculator provides a personalized estimate of the lump sum required to maintain your family’s lifestyle, pay off outstanding obligations, and cover ongoing expenses such as childcare, tuition, and living costs.
By utilizing this income calculator, you gain clarity and confidence, knowing that your life insurance plan is based on real financial needs rather than guesswork.
It’s a smart first step toward securing your family’s future.
Our Income Replacement Calculator is...
- Free and fast—takes under 2 minutes
- Tailored to Canadian families
- Private - No personal info required to get a result
- Great for comparing quotes with real context
Got Questions?
We've Got Answers
Our income replacement calculator estimates the financial needs of your dependents in the event of your absence.
Who should use it?
Anyone who earns an income and has financial dependents. This includes parents, couples, business owners, and homeowners.
Will this tell me which policy to buy?
Not exactly. However, it provides a strong foundation for determining the appropriate amount of term or permanent insurance you may need.
How Much Life Insurance Do I Need in Canada?
Use our income calculator now and get your custom coverage recommendation in under 2 minutes.
👉 Start Calculating TODAY!
Use This FREE Income Replacement Calculator to Find Out in Minutes
“Loved how easy it was to compare and customize the policy coverage amount.”
Mike Chapman
March 2022
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