Short answer
Add up your mortgage and debts, the income your family would need for the years they rely on you and future costs like school and final expenses. Subtract savings and coverage you already have. The family protection calculator does this for you in about two minutes.
Run your number The family protection calculator shows how much your family would need and what is missing today. No-cost, no obligation.
The four parts of your number
- Debts: mortgage, loans, credit cards.
- Income: what your family would need each year, for how many years.
- Future costs: school, child care, final expenses.
- Minus what you have: savings, work coverage, existing policies.
Why a rule of thumb can miss
The Financial Consumer Agency of Canada mentions 7 to 10 times your salary as a common starting point, but suggests a more precise figure. Two families with the same income can need very different amounts depending on the mortgage, kids' ages and savings.
Do not forget work coverage
Group life through work counts, but it usually ends when the job ends. The work coverage check shows the gap.
Term or permanent
Term covers a set number of years and usually costs less at the start. Permanent lasts your lifetime. See term vs permanent.
Frequently asked questions
Is 10 times my salary enough?
It is a common starting point, but your mortgage, debts, kids' ages and savings can move the number a lot. A needs-based calculation is more precise.
Does a stay-at-home parent need life insurance?
Often yes. Replacing child care and household work has a real cost.
Should I count my work coverage?
Yes, but remember it usually ends when you leave the job.
How often should I recheck my number?
After big changes: a new home, a new child, a new job or a mortgage renewal.
Sources and further reading
This page is general education, not personal advice. Rules can change, so check the official sources above. In Ontario, life insurance quotes are prepared by a licensed life insurance agent.