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Life Insurance Calculator

Estimate how much life insurance is required to cover your family's needs if something happens to you.

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Immediate Cash Needs

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    YOU
    PARTNER
  • Enter the outstanding balance on your mortgage, or 1-3 years of rent payments.

    YOU
    $
    PARTNER
    $
  • Include credit cards, lines of credit and other loan balances.

    YOU
    $
    PARTNER
    $
  • Include funeral costs, accounting fees, estate settlement expenses, etc. We suggest $20,000.

    YOU
    $
    PARTNER
    $
  • If you have dependents pursuing postsecondary education, include estimated costs for tuition, room and board, books, etc., per child, minus amounts already saved. We recommend a minimum of $10,000 per year, per child.

    YOU
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    PARTNER
    $
A
Total immediate cash needed
YOU
PARTNER

Survivor income needs

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    YOU
    PARTNER
  • How much money will your family need to maintain their lifestyle when you're gone? We suggest 60% of your current income.

    YOU
    $
    PARTNER
    $
  • We suggest funding to your partner's age 65, or the length of time your children will live at home.

    YOU
    PARTNER
  • We suggest 2%.

    YOU
    %
    PARTNER
    %
  • In most cases, funds invested to provide an income stream (such as a lump sum payment from a life insurance policy) prioritize safety of principal over long-term growth. So, we suggest using a conservative rate of return (2–3%) here.

    YOU
    %
    PARTNER
    %
B
Capital required for survivor income

This calculation assumes the inflation rate and the after-tax investment rate of return you entered above, with depletion of funds by the end of the period selected.

YOU
PARTNER
C
Total life insurance required (A + B)
YOU
PARTNER

Current life insurance and other assets

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    YOU
    PARTNER
  • Include life insurance from your Provincial/ Territorial Medical Association, other group life insurance, and individually owned term, universal or whole life insurance.

    YOU
    $
    PARTNER
    $
  • Include any savings available for immediate use. Do not include any assets intended to provide retirement income. Include CPP death benefit of $2,500 (if eligible).

    YOU
    $
    PARTNER
    $
D
Current coverage and funds available
YOU
PARTNER
E
Additional life insurance required (C - D)

This calculation is for illustrative purposes only. To discuss your individual needs, contact an MD Advisor for a referral to an insurance specialist.

YOU
PARTNER
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Assumptions
This calculator rounds to the nearest dollar.

The information contained in the calculator and the results obtained are to be used solely for illustrative purposes ONLY. You are encouraged to contact your MD advisor for referral to an MD insurance specialist for a more in-depth discussion of your individual insurance needs.

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