How to calculate how much life insurance we need ?

Hi, my husband and I are in our mid 50's, he is our only income and a partner in a law firm that is expecting to work for the next 11 yrs befor retiring, I am a stay at home mom with 3 teenage children, my worry is we don't have enough insurance if he passes away. Could you tell me how to figure out how much insurance coverage we might need!


Life Insurance Needs


Hi there,

There are several factors to consider:

Funeral
+ Debts
+ lost monthly income times months required replacement
+ childrens education (required funds)
- cash available to cover shortfall
- life insurance in force

This is overly simplified list. The site advertised here has a needs analysis tool you could use:
Compare life insurance quotes.


All the best

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Note: Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility. Make sure you review the "please read" page.



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Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

Please Read

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