Figure Out How Much Life Insurance You Need With Our Life Insurance Calculator

The purpose of life insurance is to replace your income in the event of your death. Without your income coming in, your family may endure financial hardship. By ensuring that enough life insurance is in place, you can be sure that your family will be taken care of.

To help you figure out how much life insurance you need, I have included a life insurance calculator below. Just fill in the text boxes as instructed and the form will take care of the calculations for you.

Calculate Your Life Insurance Needs
Personal Relevant Information		Spouse A	Spouse B
Annual net income from all sources		$	$
Number of children
Assets and existing life insurance
Liquid assets (Cash on hand, GICs, RRSPs, IRA's and other investments)		$	$
Total amount of existing life insurance policies (include any group and personal life insurance.		$	$
Liabilities and cash needs
Emergency Fund (3 months income)		$	$
Total mortgage amounts owing (Residential, commercial etc.)		$	$
Total of loans and any other debts (do not include your mortgage here)		$	$
Final expenses (usually around $15,000)		$	$
Education fund (e.g. $10,000 per child per year of schooling)		$	$
Charitable donations (religious organization, medical research institutions, etc.)		$	$
Other cash needs (child care, aging parents, etc.)		$	$
Income needed by your survivors in the event of your death
Annual income to provide for your survivors		%	%
Or enter the annual income needed to provide for your survivors		$	$
Approximate number of years income will be needed
Annual increase in income (to provide for increases in the cost of living)		%	%
Annual rate of return for investing the life insurance proceeds (before taxes)		%	%

YOUR RESULTS*		Spouse A	Spouse B
Total liabilities and cash needs
Amount of income needed by your survivors	+
Total capital required to meet your cash and income needs	=
Your existing total assets	-
ADDITIONAL LIFE INSURANCE NEEDED	=

*These results are based on assumptions you provided as well as national average amounts, and is for illustration purposes only. Projected values and rates of return are not guaranteed.

Return From the Life Insurance Calculator to the Home Page

HOW TO GET THE BEST DEAL ON LIFE INSURANCE

Use our life insurance calculator to get an estimate of how much life insurance you need. Then get several quotes to compare from HometownQuotes. (Canadian? Use Kanetix instead)

Fill out one form and will get you several free personalized life insurance quotes. It saves you the hassle of having to shop around yourself to see who is offering the best product at the best price. Go to HometownQuotes now to get your free quotes today. (Canadian? Use Kanetix instead)

PS: Make sure you only buy term life insurance. Anything else and you're wasting your money!