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How much life insurance would your family actually need?

A needs-analysis estimate built from your own numbers: the income your family would be short, the debts they'd inherit, the goals that should stay funded — minus the coverage you already have.

Your numbers

Defaults are typical starting points — adjust everything to your situation, then calculate.

Annual household expenses ($/year)

Everything the household spends: mortgage, food, school, lifestyle.

Income the family would keep ($/year)

A surviving partner's expected income — or 0 if none.

Years of income support

How long your income would need to replace the household — e.g., until the youngest child is independent or the mortgage ends.

Mortgage balance ($)

Other debts ($)

Car loans, credit cards, student loans your family would inherit.

Education funding goal ($)

Post-secondary costs you want to stay funded. 0 if not applicable.

Final expenses ($)

Funeral and settlement costs. $10,000 is a common planning figure in Canada.

Existing life insurance ($)

Group life at work plus any personal policies.

Savings set aside for family ($)

Money specifically earmarked for the family if you were gone — not your general emergency fund.

Your estimate

Runs instantly in your browser — nothing is sent or stored.

Enter your details and press "Calculate my estimate" to see your personalized coverage number and the full breakdown.

Assumptions behind this estimate

Needs-analysis method: income support + debts + goals − existing resources
No investment growth applied to the need (conservative)
Income support uses today's dollars, not inflation-adjusted
The figure is rounded up to the nearest $10,000

This is an educational estimate, not a quote, an approval, or financial advice. It does not guarantee any financial outcome. Actual coverage needs, pricing, and eligibility depend on your full situation and on underwriting by an insurer. Bring this estimate to a conversation with a WealthBox advisor.

Discuss this estimate with WealthBox

Understanding the result

What the number is — and isn't

The output is a needs-based starting point: the amount of coverage that would, in this simple model, let your family maintain income, clear debts, and keep their goals funded. It isn't a product recommendation and it isn't a price. A real conversation refines it — survivor income often changes, obligations shift, and there are structural choices (term vs. permanent, whose income gets insured first) that no calculator can make for you. Read the full guide: life insurance, explained.