Wondering how much life insurance you need?

A quick estimate to help you start the conversation. Not a recommendation, just a starting point.

Most people aren't sure. It's one of those things you know matters, but the actual number feels murky. Different answers online, and "it depends" isn't super helpful. Your real number depends on your full picture: what coverage you already have, your family situation, and your goals. That's the kind of thing an agent works through with you.

A rough estimate still helps though. This tool uses a common approach called DIME, which adds up four things:

  • Debt
  • Income
  • Mortgage
  • Education

Add those together and you get a ballpark number to think about.

One more thing worth knowing: your coverage needs change over time. That's why working with a Greatway agent matters. They check in with you every year to make sure your policy still fits your life, your goals, and what's changed along the way.

Credit cards, loans, lines of credit, car loans. Anything you'd want paid off.
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Before taxes.
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A lot of people go with 10 years. Longer if you have young kids or a partner who depends on your income.
What you'd want paid off. Leave it at 0 if you don't have a mortgage.
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A common ballpark is $30,000 to $60,000 per child for post-secondary in Canada. Leave it at 0 if this doesn't apply.
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Estimated coverage range
$0 – $0
This is an educational estimate, not a recommendation or quote.

How we got there

Debts $0
Income replacement $0
Mortgage $0
Education $0
Estimated total $0

What this estimate doesn't account for

A real needs analysis considers things this calculator can't:

  • Life insurance you already have (personal or through work)
  • Your spouse's income, coverage, and situation
  • Savings, investments, and other assets
  • Tax considerations
  • Which type of policy fits your situation (term, permanent, or a combination)
  • How your needs will change over time
  • Whether you qualify for coverage and at what cost

That's why this is a starting point, not an answer.

Want a more complete picture?

A Greatway agent can walk through your full situation and help you figure out what coverage actually makes sense. That includes whether life insurance is the right fit and what type of policy suits your needs.

Talk to an agent
This calculator provides an educational estimate based on the information you enter and a simplified framework known as the DIME method. It is not insurance advice, a recommendation, an offer of insurance, or a quote. Actual insurance needs vary based on individual circumstances and should be reviewed with a licensed insurance agent as part of a needs-based analysis. Greatway Financial is an Insurance Managing General Agency (MGA), licensed across Canada. Our life insurance agents also sell insurance products in Yukon and NWT. Insurance products are subject to eligibility, underwriting, and policy terms.