Estimate how much life insurance your family may need Get an estimate now—just answer a few quick questions to get started

Estimate how much your family would need each year to maintain their current lifestyle.

• Housing expenses (Include everything that your family would need covered including, rent, property tax, utilities, maintenance, etc. Do not include mortgage and debt repayment as this was considered in the question above)
  ^$
• Living expenses (Include how much your family would need for food, clothing, telephone, car expenses, etc)
  ^$
• Childcare costs (Include daycare, babysitting, after-school care)
  ^$
• Other (if any) (Consider the amount of savings you are putting towards retirement)
  ^$

Most families choose 10 years, or the number of years until the youngest child reaches independence.¹

• Years of income replacement
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Estimate costs for children’s education or other major future needs.
Tip: Consider tuition, extracurricular activities, or planned large expenses.

• Post-secondary education for children
  ^$
• Final expenses and funeral costs (Average funeral costs in BC range from $10,000-$20,000)
  ^$
• Emergency fund (Three months of household income)
  ^$
• Other planned expenses
  ^$

Enter the amount of savings or investments that your family can easily use to pay for expenses.
Tip: Omit any assets you wish your family to retain and not sell if you pass away. For instance, many doctors prefer to gift property to their children or rollover their RRSPs or other investments to support their spouse’s retirement.

• Existing savings
  ^$

Include any life insurance that you purchased with Doctors of BC or any other provider. If your insurance is renewing or expiring soon and you would like to replace coverage, you may exclude it from this calculation.

• Current life insurance amount
  ^$