Life Insurance Calculator for Canadians

Answer a few quick questions. Find out how much life insurance you need.

Life insurance coverage

Life insurance is a contract between you and the insurer. The insurer pays out a fixed sum of money to your loved ones when you pass away.

Several factors affect how much life insurance you need including: 
- outstanding debts (mortgage, loans)
- dependents (children, family)
- personal savings and final expenses

Our life insurance calculator can help you to calculate the right amount of coverage for your needs and the life insurance cost.
Calculate My Needs

Calculate the cost of Life Insurance in Canada

Once you know how much life insurance you need – you naturally wonder how much it costs. As we already mentioned, age is a major determining factor when it comes to the cost of insurance premiums. BUT, it’s not the only one.

When you use our online life insurance quote tool, it will take into account your gender, smoking status, health, family medical history, driving and extreme sport history, foreign travel, occupation and many other risk factors that will inform the potential costs of your insurance premiums. When you also consider your savings, the amount of your policy, and the potential terms, using an insurance quoting tool makes sense in Canada. Click the button below to get started.
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Age Monthly Premium (Non-smoker) Monthly Premium (Smoker)
30 $27.18 $54.60
35 $29.70 $73.26
40 $42.30 $118.60
45 $68.12 $194.22
50 $112.14 $308.34
55 $201.42 $520.74
60 $362.70 $811.62

When should I buy life insurance?

FWhile it would be easy for us to tell you to buy life insurance right now, it may not be the right answer for your current personal financial situation. Our Canadian insurance calculator will help you narrow down whether or not it is the right time for your to get insurance based on your age, debts, dependants, and more.

Our insurance needs calculator is perfect for those who are unsure of when and how much life insurance coverage they need. If you’ve recently gotten married, purchased a home, or had children, these are signs you may need coverage. If you’re in doubt, just click the button below to launch our Canada-based online life insurance calculator to determine your needs.
Go To Calculator

Why buy life insurance

If you have dependents or loved ones, you likely have life insurance needs.
Homeowners also require insurance for their mortgage.
Current life insurance through your work is often not enough. An individual policy offers more coverage and follows you even if you change jobs.
Check My Price

How much life insurance coverage do you need?

How much life insurance coverage you need really depends on your financial situation. Luckily, calculating your life insurance coverage is easy.

Use our life insurance calculator to calculate your life insurance cost (including final expenses / funeral costs). You’ll also receive a no-obligation quote within minutes.
Determine My Needs

Calculate your needs in minutes

Use the calculator to receive your recommended coverage.

Benefits include:

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Personalized instant quotes
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Ensuring your loved ones are protected
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Feel confident about the future with a plan in place

Life Insurance Calculator

First Name

Gender

Smoker

Date of Birth

Email

Phone

Thank you. We are preparing your insurance quotes.
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If so, we'll make sure your children will have enough to cover their post-secondary education.
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Please don’t include income that you generate from investments or rental income.
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Based on your answers, we recommend
$0 in life insurance coverage
Fill out your details below to check your price, or to change your coverage amount.
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Calculate your quote in a matter of minutes

Use the calculator to instantly receive your personalized quotes.

Life Insurance Calculator

First Name

Gender

Smoker

Date of Birth

Email

Phone

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Life Insurance Calculator

First Name

Gender

Smoker

Date of Birth

Email

Phone

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

What is a good amount of life insurance?

Number 1

Multiply annual income by 10x

Multiply your annual income by 10 and you’ll get a general understanding of how much insurance coverage you need. For example, someone earning $40,000 per year should aim for around $400,000 in life insurance coverage.

Number 2

DIME Formula

Consider the DIME formula. By calculating your outstanding Debt, Income, Mortgage balance, and children's Education costs, you can estimate how much life coverage your dependents will require.

Number 3

Multiply annual income by 10x and add $10,000 per child

This is another simpler guideline for calculating your life insurance needs if you have children or plan to have them in the near future. Simply multiply your annual income by 10 and add $10,000 per child. You may also want to take tuition costs in consideration as well.

Number 3

Multiply annual income by 10x and add $10,000 per child

This is a more advanced version of #1. Simply multiply your annual income by 10 and add $10,000 per child. You may also want to take tuition costs in consideration as well. Use this to then determine your life insurance needs & life insurance cost.

Looking for expert advice?

Need some extra guidance? Schedule a call with an expert who cares.

Book My Call

Frequently Asked Questions

1. When should I get life insurance?
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This depends on your personal situation. If you are newly married, have children, or purchased a home with a mortgage, there’s a good chance you need coverage.Other life events can impact your life insurance needs, like life changing jobs or approaching retirement. Our life need insurance calculator is here to help.
2. Why is a life insurance calculator helpful?
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A life insurance calculator simplifies the process of determining your needs. Think of it like a virtual advisor, who reviews your financial situation, and provides an unbiased recommendation.
3. What about calculating life insurance for my spouse?
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It’s important to include your spouse when determine your insurance needs. We recommend speaking with one of our licensed insurance brokers. There are many great policy options available for couple, ranging from whole life insurance  to joint life insurance . Book a time  with a licensed advisor today.
4. How much does life insurance cost?
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Life insurance rates vary depending on different factors including: your age, gender, health, smoking status, and more. By getting life insurance sooner, you can lock in a great rate that won’t change for the life of your policy.
5. Is term or whole life insurance better?
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Term life insurance offers coverage for a fixed amount of time (e.g. 20 years). If you pass away during the time, your beneficiaries will get a payout. Term life is usually the most affordable type of coverage. Whole life insurance offers coverage for your entire life, so you are guaranteed to receive a payout. You end up paying a higher monthly rate as it covers you for your entire life.
6. How does the life insurance calculator work?
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Our life insurance calculator takes into account your personal, financial, and basic health information to determine how much coverage you need. This simplifies the process for you. Think of it like a virtual insurance advisor!
7. What if I don’t need life insurance?
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Not everyone requires life insurance, as this depends on your personal situation. If you don’t need coverage, our needs calculator will let you know!