Calculate how much life insurance you actually need with this easy-to-use spreadsheet.
Get our 7-step life insurance calculator:
Enter your basic information
Enter your non-mortgage debt
Add your annual income
Enter the balance left on your mortgage
Add your average monthly expenses
Y/N if you'll pay for your child's post-secondary education
Enter any extra expenses
The calculator will instantly tell you how much coverage you need, from $100,000 to $5M. It’ll also tell you for how long, from 10 to 30 years.
It’ll even tell you if you don’t need life insurance at all. Really.
You need life insurance –
but what's the right coverage?
Have dependents or large loans? You need life insurance.
Many Canadians struggle with knowing how much coverage is enough for their family. You don’t want to be overinsured, but you don’t want to be underinsured either.
We’ve put together this simple but powerful life insurance calculator so you can get accurate, customized information, right away.
Fill out 14 questions and you’ll know instantly how much money your family might need if you were to pass unexpectedly (coverage). And how long they’d need that financial support for (term length).
Frequently Asked Questions
How does the life insurance calculator work?
Does the calculator recommend both term and permanent insurance?
Does this calculator only work for PolicyMe life insurance?
Why do I need to fill out the information requested?
Is this really free?
Does a lower rate mean lower quality?
This life insurance calculator spreadsheet (“the tool”) is provided for informational and illustrative purposes only. The tool is designed to provide accurate information, but your individual situation may require analysis of other factors not accounted for in this tool. When deciding on insurance coverage or considering the information that the tool provides, you should consult a licensed professional. The information generated by this tool depends upon the information you supply, and, therefore, we don’t warrant any results or information that the tool generates.
PolicyMe is on a mission to put families first, protecting them with the honest and uncomplicated life insurance they deserve.