§ 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.