Life insurance needs calculator

Answer a few simple questions and we’ll calculate how much life insurance coverage you may need

Find out how much coverage you may need

Adequate life insurance is an essential part of your overall financial plan. The amount of life insurance you have affects the most important people in your life – your partner, children and other people who depend on you for support. The life insurance calculator below can help you determine how much life insurance you might need. Of course, there is more to choosing life insurance than just these simple calculations. An independent insurance representative¹ can discuss with you all the aspects of your current financial situation and recommend a financial approach to meet your needs. To get an idea of what your needs may be, enter any applicable information² about your current financial situation, and then view your life insurance needs estimate report.

Your household finances

Primary income

Your annual net income.

$0.00 $5,000,000.00

Secondary income

The annual net income from others in your household. Example, your spouse or common-law partner.

$0.00 $5,000,000.00

Housing expenses

Do you rent or own?

Monthly expenses

This includes your gas, utilities, property taxes, insurance, cable/internet, etc. Please do not include household debt, rent or mortgage payments.

Total household debt

Consider any bank loans, car loans, credit card outstanding balance, etc.

Monthly debt payment

Your average monthly household debt payment.

Your family & assets

Your family

Do you have people who rely on your support like a spouse or children?

Your children

How many children under the age of 18 do you have?

0 12

Education savings

How much do you currently have saved for education?

Other savings and investments

Consider bank accounts, mutual funds, stock, and retirement savings that can be converted into cash.

Existing life insurance

Include all existing insurance plans, such as individual plans, group plans, bank mortgage insurance, etc.

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Your protective measures

Income replacement

Select which income you would like to be replaced to support dependents

Monthly expenses deficit

This is the monthly amount that your dependents may need replaced to cover their current living expenses. Life insurance protection can help to fill this gap.

Savings duration

This is how many months your savings may cover your dependents current living expenses.

Debt protection

Select which debts life insurance should help cover

Household Debt

Mortgage

Income replacement protection

The number of years you would like to replace income. Many people would like to replace income until their youngest is out of the home, but you may also want to consider any unique family circumstances, such as caring for a child with a disability or elderly parents.

0 40

Education protection (per child)

This is the amount of funding per child that you would like to protect for your children’s education costs. Key considerations include tuition, books, living expenses and health care.

Charitable donation

Some people would like to leave a charitable donation as part of leaving a legacy and for tax planning. Foresters Financial offers a charity benefit provision with select insurance products.

Final expenses

A funeral can cost anywhere from $5,000 to $20,000 depending on how expenses your choices are (cremation, burial, coffin, etc.). Also consider any probate fees, final income taxes, etc.

Available assets usage

Select if you would like to use your current savings to cover part of your life insurance needs. Important considerations may be tax implications of the availability of cash conversion for long-term investments.

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Review your personalized life insurance options

Limited coverage

If you want to set aside less protection, consider 50% coverage.

Recommended coverage

We recommend 100% coverage to protect your dependents’ standard of living.

Enhanced coverage

Planning for 125% coverage will ensure that your dependents’ needs are more than met.

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Get protected today

We’ll connect you with a registered life insurance agent or advisor in your area who can answer your questions or help find solutions.

Connect with an agent

413385 CAN (11/22)

¹ Independent insurance representatives do not provide legal, tax, or estate planning advice to clients. Prospective clients should contact their own legal, tax or estate planning advisor(s) regarding their specific situations.

² These calculators are designed to be informational and illustrative tools only and are not intended as investment advice. We cannot and do not guarantee their completeness, applicability or accuracy with regard to your individual circumstances. We strongly recommend that you seek the advice of a financial services professional before making any type of insurance purchase or investment decision.