Life Insurance Needs Calculator | Canada Protection Plan – Get a quote in 2 minutes

Final Expenses (payable for funeral, taxes, etc. ($ 5,000– $ 20,000) $ Final Expenses: A funeral can cost anywhere from $ 5,000 to $ 20,000 or more, depending on whether you have planned the cremation or burial and how much your choices cost (coffin, position, etc.). In addition, you should consider expenses such as inheritance costs, final income taxes, attorney's and accounting fees and executors' fees, if any. x Mortgage (to pay the balance due) $ Mortgage: What is the debt balance of the mortgage? If in doubt, you can use the original principal amount as a conservative estimate or use an amount you want to pay. Personal loans (to pay off loans, cards credit, etc.) $ Personal Loans: Consider any bank loans, auto loans, loans from lenders or other financial institutions, outstanding credit card balances, loans from friends, etc. X Emergency funds (salary 3-6 months) $ F emergency waves: most experts recommend at least 3 to 6 months' salary as a reasonable amount for an emergency fund to cover unexpected expenses and charge the family over.x Children's Education Fund ($ 10,000 – $ 25,000 per year, per child) $ Children's education fund: The amount you set aside for your children's education depends on many factors, including: • You are considering the private school or public school? If private school, consider tuition and room and board, if applicable • For post-secondary education, average costs vary from $ 5,000 to over $ 25,000 per year • The year university is typically 2 to 3 years old • University is typically 3 to 4 years old plus graduate school • Average education is $ 6,838 (Statistics Can 2018/19) • Books and supplies are typically from $ 800 to $ 1,000 (Canada Financial Consumer Agency 2018/19) • Additional mandatory fees such as athletics and student health services cost $ 921 on average (Statistics Can 2018/19) • Accommodation , food and transportation can cost anywhere from $ 10,000 to $ 15,000 a year. xNext