§ Calculator · Insurance

Life-insurance need

What this is

How much life insurance do your dependents actually need?

DIME framework: Debts + Income replacement + Mortgage + Education. The face value of your policy should cover all four, minus whatever savings you already have.

·Annual support × years of support, replaces your income until the youngest kid is independent.
·Debts outstanding, mortgage, line of credit, anything you'd want paid off so your family isn't carrying debt alone.
·Final expenses, funeral, estate admin, probate. Default $15k is a reasonable midpoint.
·Subtract any existing policy face value to get the gap.

Annual support need (CAD)Years of supportDebts outstandingExisting policy face valueFinal expenses

Total needs

$1,335,000

Existing coverage

$500,000

Coverage ratio

37%

Gap to fill

$835,000

Educational. Not financial advice. Real planners discount future support to present value; this calc ignores time-value for legibility. Talk to a licensed broker before buying any policy.

Disclaimer

Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.