Determine how much life insurance you need to
protect your family:

Immediate Cash Needs

Final expenses including funeral expenses, probate fees, etc, we suggest $15,000	$
Mortgage: Outstanding balance	$
Personal loans: Outstanding balances	$
Other debts: Lines of credit, credit card balances, etc.	$
Emergency savings fund: Your family may require a buffer after your death, we suggest 3 months salary	$
Children's Education Fund: We suggest $15 000 per child, per year
# of children X cost per year X years of school =	$

A Cash required to pay off immediate expense.

$

Ongoing Financial Needs - How much income will your family need to maintain their lifestyle?

Annual income required for survivors: We suggest 70% of your current gross income.	$
Number of years income is required: As a guide you may use the number of years until your children leave home or years to retirement.	1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99

B Amount required to fund additional survivor income.(Assumes 6% rate of return, 3% annual inflation, and depletion of the funds by the end of the period)	$
C = (A + B) Total Funds Needed	$

Current Assets - What amounts would be available on your death?

Group Life Insurance Coverage: e.g., Employer or association plan	$
Personal Life Insurance Coverage: e.g., Individual term life, whole life	$
Monetary Assets: e.g., Cash savings, RRSPs, GICs, TFSAs, T-bills and other investments	$

D Total Funds Available

$

Shortfall of Funds

E = (C - D) Short fall of funds required to provide for survivors	$
FLoan Protection (Life) Coverage on your new Loan/Mortgage	$

G = (E - F) Remaining Shortfall of Funds

$