Life insurance calculator

How much life insurance do you need?

Supporting your loved ones will always be important, even when you pass away. To help you estimate how much life insurance you may need, consider your family’s financial situation and factors that are unique to you and your life.

Take two minutes to complete the calculator below and get your estimate.

Your savings and insurance:

Current savings:

Other investments:

Existing life insurance coverage:

Your liabilities and expected expenses:

Amount still owing on your mortgage:

Other loans and debts you still owe:

Child education expenses:

Child education expenses

The average cost of undergraduate tuition per year in Canada was $7,076 in 2023/2024.

Province	Average tuition/year
Ontario	$8,190
Quebec	$3,461
British Columbia	$6,383
Alberta	$7,586
Manitoba	$5,386
Saskatchewan	$9,232
Nova Scotia	$9,575
New Brunswick	$8,706
Newfoundland and Labrador	$3,481
Prince Edward Island	$7,381
Yukon	$4,275

Source: Statistics Canada, September 2023

These figures don't include room and board, which could add substantially to education expenses.

Funeral expenses:

Other expenses:

Income for your family:

Current annual income (after taxes):

Percentage of income your family will need:

How many years will your family need financial support:

Results

Based on the information you provided, here are the estimated amounts of life insurance you would need to cover your family's expenses.

Insurance Amount	Description
$1,000,000	Total life insurance needed for 10 years
$750,000	Existing life insurance coverage
$250,000	Additional life insurance needed

The hypothetical results are for illustrative purposes only and do not guarantee future income or guarantee future performance. This calculator is for informational purposes only. Securian Canada will not be liable for any inaccuracies in the information calculated, and are not responsible for any decisions or actions taken as a result of the information provided.

Life insurance calculator

How much life insurance do you need?

Your savings and insurance:

Your liabilities and expected expenses:

Child education expenses

Income for your family:

Results

Assumptions

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