Resources
Secure your future with the critical illness insurance Canada Benefit Plan offers in the event of a serious illness so you can stay focused on getting well instead of worrying about the bills to come.
Why you should prioritize a budget, even in precarious times
By: Leah Golob Creating and sticking to a budget can seem like a daunting task, especially for Canadians who feel a bit uncomfortable thinking about money. This can be especially true during times of uncertainty, such as the COVID-19 pandemic, when many Canadians are...
Prepare your family for post-secondary school with a Registered Education Savings Plan
By: Leah Golob With September around the corner, parents are facing some tough choices as to what education will look like for their children during a pandemic. While focusing on the short-term is the main priority, parents should also keep an eye to the future by...
Why critical illness insurance matters
Why critical illness insurance matters By: Leah Golob Many Canadians have financial goals of paying down debt, creating an emergency savings fund and building a nest egg for retirement. What’s often less a priority, though, is putting protections in place to safeguard...
During the Pandemic, More Canadians Consider Creating a Will
By: Leah Golob Date: Jun 26, 2020 As the COVID-19 pandemic continues, more and more Canadians are in a rush to put together a last will and testament. According to CTV News, the demand for wills spiked right after celebrity Tom Hanks announced that he had tested...
Life Insurance During COVID-19
By: Leah Golob (Senior Journalist) Date: Jun 26, 2020 The worldwide COVID-19 pandemic has many Canadians thinking more urgently about life insurance than ever before. In fact, 67% of Canadians who have recently begun contemplating life insurance said they started...
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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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