How Much Life Insurance Do I Need?

Life Insurance Needs Calculator

How much life insurance could your family need?

Build your estimate around the things that actually matter: your mortgage, debts, children and the income your family depends on.

Step 1 of 5Your family

Who are you protecting?

Start with your current age and who depends on you financially.

Your age Enter your current age. Your insurer may use a slightly different “insurance age” depending on its age-nearest-birthday rules.

Do you have children or other dependants?

Age of your youngest dependant This helps estimate how long your family may need protection.

Education / future fund for your children Enter the total amount you would want set aside for all children.

Your home & mortgage

Your mortgage may be one of the biggest temporary financial commitments you want covered.

Which best describes you?

I have a mortgage

Planning to buy

No mortgage planned

Mortgage balance

Years remaining

Estimated future mortgage amount

How many years until you expect to buy?

Expected amortization

Why this matters

Example: if you expect to buy in 2 years and take a 30-year mortgage, the need could last about 32 years. That is why a 35-year term may line up better than a 30-year term.

Would your family still need your income?

What does “income replacement” actually mean?

If you were no longer here, your paycheque would stop — but your family would still have groceries, utilities, childcare, property taxes, activities, transportation and normal day-to-day expenses.

Income replacement creates a pool of money your family can use to replace part of the income you would have brought home. It is separate from paying off the mortgage or other debts.

Simple example: You earn $100,000. If your family would need about 70% of that income for 10 years, the calculator sets aside about $700,000 for income replacement.

Your annual income

How much of your income would your family still need? Why not always 100%? Some expenses tied to you may disappear, and gross income is not the same as what the household spends. Choose the percentage that feels closer to what your family would actually need each year.

For how many years should that income continue? Think about how long your household may depend on your earnings: until children are older, the mortgage is lower, your spouse has time to adjust, or another financial milestone is reached.

How the calculator uses this

Annual income × selected percentage × selected years.
We show this separately in the result so you can compare a “debt + children only” amount with a fuller family-protection amount.

Other obligations & coverage you already have

Add debts and final expenses, then subtract life insurance your family could already rely on.

Other debts Credit cards, lines of credit, car loans, personal loans, etc.

Final expenses / emergency fund Funeral costs, professional fees, travel, time off work or a short-term family cash reserve.

Existing life insurance Include existing coverage you reasonably expect your family could rely on. Workplace coverage may change if your employment changes, so consider it carefully.

Please enter an age between 18 and 80.

Two ways to look at your protection

Some families want insurance mainly to clear major obligations. Others also want to replace the income the household would lose. Here is the difference.

Option 1 · Core obligations

Designed around the mortgage, other debts, children's education/future fund and final expenses — less existing life insurance.

Option 2 · Family income protection

Includes everything in Option 1 plus the income your family said they would still need for the selected number of years.

Rounded planning target — core

Rounded up to the next $50,000.

Rounded planning target — with income

Rounded up to the next $50,000.

Potential term length to review

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Based on the longest major temporary need you entered.

Mortgage / future mortgage$0

Children / education goal$0

Other debts$0

Final expenses / emergency fund$0

Less: existing insurance− $0

Core obligations estimate$0

Income replacement$0

Full family protection estimate$0

What would you like to do next?

Save a copy for yourself, or send your calculation to MK Financials and ask an advisor to contact you.

This calculator is for general educational and planning purposes only. It does not provide financial, insurance, tax or legal advice and does not replace a complete needs analysis. Insurance age, term availability, eligibility and product features vary by insurer and product.