Insurance Needs CalculatorCalculates the recommended amount of insurance for a person based on individual needs and assumptions.* Required Lump sum needs Funeral expensesThe estimated total costs of the funeral. (The average cost of a funeral in Canada is $8,500). Mortgage balanceThe amount owing on any mortgages to be paid off in full on death. Taxes arising on deathFinal earnings, registered assets deemed disposed of on death, and capital gains arising on death are all taxable. (If unsure, use the Estate Tax Calculator on this site.) Credit cardsThe amount owing on any and all credit cards to be paid off in full on death. Education fundThe amount desired to be set aside to pay for education for any dependent children. Income replacement needs Monthly income requiredThe amount of income required to support survivors. (If unsure, enter current monthly earnings. Any reduced living expenses will quickly be offset by inflation.) Years of income requiredLength, in years, for income to last for survivors. (If unsure, use the Statistical Mortality Calculator on this site.) Assumed investment rateThe amount of annual interest or growth expected to be earned on the invested inheritance. If unsure, 5% is recommended and can be adjusted at a later date. Assumed tax rateThe expected average tax rate on the earnings on the investment above. If unsure, 30% is recommended and can be adjusted at a later date. Validate Email Results