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Life Insurance Needs Calculator

Taking care of your loved ones is an important part of completing your financial picture. Use this calculator to estimate your dependents' financial needs. Make sure the amounts you enter are accurate and you'll get a good idea of how much coverage you need to help protect your family if something should happen to you. If you have any questions about this calculator, your financial advisor* can help.

Immediate Cash Needs  
Final Expenses Estimate the amount needed to cover final expenses in the event of your death (i.e., funeral, medical, probate fees, etc.) The average funeral costs $6,500 (Source: National Association of Funeral Directors, 2004.) but may reach as much as $10,000. (Source: AARP, 2004)
 $
Mortgage If you plan to pay off your mortgage in the event of your death, enter the amount of your current mortgage. $
Other Debts Estimate the amount needed to pay off your debts (i.e., car loans, credit card bills, etc.). $
Emergency Fund $
Education Fund Estimate the cost of sending your children to post-secondary school, assuming they will be attending for four years starting in 2023. The projected annual cost to attend the average Canadian university for one year will be $24,000 (including tuition, room and board)(Source: Edward Jones 2004) $
Future Income Needs  
Survivor's Annual Income Shortfall Estimate how much of your current income your dependents will need to maintain their current standard of living. This may be approximately 70 per cent of your annual income. (Source: Fundamentals of Insurance for Financial Planning, 2003) $
Years Needed Estimate the number of years your dependents will rely on this income. Consider the ages of your dependents and the length of time your surviving spouse will need the income.   years
Assumptions  
Rate of Return Estimate the rate of return you expect your dependents to receive on your investments after your death. The average may be between 5.5 per cent and 8 per cent.   %
Future Annual Inflation Rate Expected annual increase in inflation. Choose between 0.0 per cent and 4.5 per cent.   %
Available Funds  
Savings & Investments Enter the current market value of your savings and investments your dependents may liquidate to provide immediate cash flow in the event of your death (i.e., stocks, bonds, saving accounts, etc.) $
Retirement Savings If your dependents will need to liquidate your retirement savings to provide additional income, enter the current market value of your retirement savings (i.e., RRSP, RRIF, annuities, etc.). $
Other Assets Enter the amount of other assets that may be liquidated to provide an income for your dependents in the event of your death (i.e., inheritances, commodities, rental property, etc.). $
Current Life Insurance Enter the total death benefit of your current life insurance. $
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Required Field  

Insurance and annuities are offered by Edward Jones Insurance Agency (except in Quebec). In Quebec, insurance and annuities are offered by Edward Jones Insurance Agency (Quebec) Inc.

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