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How Much Life Insurance Does Your Family Actually Need?

Use the DIME method — the same framework Canadian advisors use. Fill in your numbers and see your personalised result instantly.

D — Debts I — Income replacement M — Mortgage E — Education Final expenses
You
About you
Age, family situation, smoking status
▼
D — Debts
Your debts (excluding mortgage)
Credit cards, car loans, student loans, other
▼
$
$
$
$
Total debts: $0
I — Income
Income replacement
How many years of your income should coverage replace?
▼
Include salary, self-employment income, bonuses
$
Auto-sets based on your youngest child's age. Adjust as needed.
5 25
15 yrs
Income replacement total: $0
M — Mortgage
Your mortgage
Outstanding balance your family would need to pay off
▼
Enter 0 if you rent or your mortgage is already paid off
$
E — Education
Children's education
Post-secondary costs you want covered
▼
How many will likely attend?
National avg: $101,319 (Embark 2025)
$
Education total: $0
Final Expenses
Final expenses & estate costs
Funeral, legal, and settlement costs
▼
Average Canadian funeral and estate costs: $15,000–$25,000
$
Existing coverage
What you already have
Deductions from existing coverage and savings
▼
Group life + any personal policies in place
$
TFSA, savings accounts, non-registered investments
$

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Your personalised coverage report

You need approximately — in life insurance coverage.

Total coverage needed
—
Before deductions
Your coverage gap
—
After existing coverage

Where the number comes from — your DIME breakdown

What this coverage would likely cost

Estimated monthly premiums for a 20-year term life insurance policy based on your age and coverage amount. These are estimates — actual rates depend on your health, lifestyle, and insurer.

Preferred rates
—
Excellent health, non-smoker
Standard rates
—
Standard health profile

Get accurate quotes from PolicyMe or Ratehub. Most 20-year term policies for healthy applicants under 45 require no medical exam.

Your recommended next steps

Get Free Quotes — PolicyMe → Compare Rates — Ratehub →

This calculator uses the DIME method to estimate life insurance coverage needs. It is for educational purposes only and does not constitute personalised financial or insurance advice. Please consult a licensed life insurance advisor for a complete needs analysis. Sources: Embark 2025 Education Cost Forecast · PolicyMe coverage methodology.

Live calculation

Coverage needed

Total (before deductions)

$0

Updates as you fill in your numbers

D — Debts$0
I — Income$0
M — Mortgage$0
E — Education$0
Final expenses$15,000

Minus existing coverage

Existing insurance$0
Liquid savings$0

Your coverage gap

$0

Additional coverage your family needs

Recommended term

20-year term

Based on your family situation

Your report is ready

Get your full coverage breakdown — free.

Your personalised report includes:

  • Your exact DIME coverage number with full breakdown
  • Recommended term length for your family
  • Estimated monthly premium range
  • Where to get accurate quotes in Canada

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📄 Generating your report...