Your savings and insurance:
Current savings: $150,000
Other investments: $60,000
Existing life insurance coverage: $100,000
Your liabilities and expected expenses:
Current mortgage amount: $60,000
Other loans and debts: $10,000
Child education expenses: $50,000
Funeral expenses: $10,000
Other expenses: $10,000
your desired replacement income:
Current income (after taxes): $60,000/year
Desired income for survivors: 8%
Duration of income for survivors: 5 years
Total life insurance needed:
$223,010
Existing life insurance coverage:
$100,000
Additional life insurance needed:
$123,010
Did you know that by increasing your life insurance coverage to $399,305 your family will be covered for 10 years? That's 5 years longer.
EXPLORE YOUR REPLACEMENT INCOME OPTIONS:
Existing life insurance coverage: $100,000
Additional life insurance needed
See what happens if you change your desired annual income for survivors or duration
Desired annual income for survivors: $51,000
Duration of income for survivors: 8 years
An additional $339,205 of life insurance coverage is needed to provide your surviving family members with replacement income of $51,000/year for 10 years.
of life insurance coverage is needed to provide your surviving family members with replacement income of $51,000/year for 10 years.
Talk to an advisor about your life insurance needs, visit www.sunlife.ca/findanadvisor.
Assumptions:
- This tool assumes an inflation rate of 2% and an annual expected rate of return of 4%.
- Assume interest is compounded annually.
- Assume income is to be paid at the start of each year.
- This demonstration tool is presented for information purposes only. The figures are not guaranteed, as they are based on assumptions that are certain to change.