Life Insurance Calculator
How much term life insurance your family needs, the term length that fits, and a rough monthly cost.
Cover you need
$0
Estimated cost
—
How we got there
How Much Life Insurance Do You Need?
Life insurance should cover what your family would lose if you died: the income they rely on, the debts they would inherit, and the goals you planned to pay for. Add those up, then subtract what you already have.
Example: you earn $70,000 and your family would need that income for 15 years ($1,050,000). Add a $300,000 mortgage, $20,000 of other debt, $80,000 for two children's education and $15,000 for final costs. Take away $100,000 of group cover and $30,000 of savings. You need about $1,350,000.
Term Life Insurance Rates in Canada (2026)
Average monthly cost of a $500,000, 20-year term policy with a medical exam.
| Age | Women | Men | Women (smoker) | Men (smoker) |
|---|---|---|---|---|
| 25 | $20 | $28 | $31 | $50 |
| 35 | $22 | $30 | $60 | $79 |
| 45 | $50 | $69 | $133 | $205 |
| 55 | $149 | $212 | $329 | $549 |
Source: PolicyMe average rates, September 2026 (WinQuote and COMPULIFE data). Your quote depends on your health and the insurer.
Term vs Whole Life
Term life covers you for a set number of years and is the cheapest way to protect a family while the mortgage and kids are expensive. Whole life lasts your entire life and builds cash value, but costs many times more for the same cover. Read more in term vs whole life for Canadian families.
Advertisement
Frequently Asked Questions
How much life insurance do I need in Canada?
Enough to replace the income your family would lose, pay off your mortgage and debts, fund your children's education and cover final costs, minus any insurance and savings you already have. Many families land between 10 and 15 times their income.
How much does term life insurance cost in Canada?
For a healthy 35-year-old non-smoker, a $500,000 20-year term policy averages about $22 a month for women and $30 for men (PolicyMe, September 2026). The price rises quickly with age and roughly doubles or triples for smokers.
Should I get a 10, 20 or 30-year term?
Pick a term that lasts until your biggest obligations end: usually when your mortgage is paid off or your youngest child is independent. Twenty years is the most common choice for young families.
Is my group life insurance at work enough?
Often not. Workplace cover is usually one or two times your salary and ends when you leave the job. Count it in this calculator, but don't rely on it alone.
Is a life insurance payout taxable in Canada?
No. The death benefit from a personal life insurance policy is paid to your beneficiaries tax-free.
Put it into numbers
Advertisement