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CALCULATE YOUR BENEFIT AMOUNT
Life Insurance Needs Calculator | Canada Benefit Plan
An easy-to-use calculator to help determine your insurance needs.
Step 1- My debts and final expenses?
The first step is to determine your liabilities (mortgage, loans) and final expenses (funeral costs, tax bills and final medical bills)
Step 2- My family's financial needs?
This step is to consider how much income your family would need and for (how many years) in case of your unexpected death. You are financially worth for your family as your family is depending on your income and financial decisions
Step 3- Are my parents dependent on me?
In this step, you should consider your parents if they are relying on you for basic needs and how they will continue to meet those needs if you are not there.
Step 4 - My favorite charity?
This step is the opportunity to continue to taking care of your favorite charity after your death. What is a better gift than charity?
Step 5- How much are my assets worth?
This final step is to help you evaluate your financial position and add up your total debts (mortgage, loans etc.), final expenses (funeral costs, tax bills, medical bills etc.) family’s financial needs (family income needs for the desired number of years, family emergency need, children education costs, child-care expenses etc.) Dependent parents’ financial needs (parent support, parents funeral cost etc.) charity (lumpsum donations) and subtract all this from your total assets to calculate your life insurance needs.
-RESULT SUMMARY-
| Mortgage | $ {{quantity}}.00 |
| Debts | $ {{price1}}.00 |
| Expected final expenses | $ {{price2}}.00 |
| Current Annual Income | $ {{price3}}.00 |
| Family's income after death | $ {{price4}}.00 |
| Years of income needed | {{price5}} Year/s |
| Emergency funds for family | $ {{price6}}.00 |
| Expected childeren education cost | $ {{price7}}.00 |
| Expected child care expenses | $ {{price8}}.00 |
| Amount for parents after death | $ {{price9}}.00 |
| Parents funeral cost | $ {{price10}}.00 |
| Would like to donate | $ {{price11}}.00 |
| Savings | $ {{price12}}.00 |
| Real Estate Assets | $ {{price13}}.00 |
| How much my other assets worth? | $ {{price14}}.00 |
My life insurance need is : $ {{quantity + price1 + price2 + price4* price5 + price6 + price7 + price8 + price9 + price10 + price11 | number:'1.0':'en-US'}}
The Amount of Life Insurance I Need Is:
$ 0.00
$ {{quantity + price1 + price2 + price4* price5 + price6 + price7 + price8 + price9 + price10 + price11 | number:'1.0':'en-US'}}
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