How to Use the Term Life Insurance Calculator
Term life insurance comes in term lengths that help you cover your debt, mortgage, or loss of income at a lower cost than permanent insurance. This calculator can help you estimate how much coverage you may need.
Simply enter the amounts in each section, and the calculator will display your total insurance needs.
- Estimate your loved ones’ cash needs – how much wills your partner or children need to cover your funeral costs plus any outstanding debt
- Estimate your household’s future income needs – how much will your family need to cover your salary while paying for everyday expenses and sustaining your family’s lifestyle?
- Calculate your total assets – do you have any investments or existing life insurance that be put towards any of your family’s future cash or income needs?
Term Life Insurance Calculator – Do the Math
Calculate how much life insurance you may need to pay off debts, cover your mortgage, replace lost income & more! 1
Why Choose a Term Life Insurance Policy with Serenia Life?
As a member-based organization whose roots go back nearly 100 years, we encourage kindness by sharing our profits through community outreach, fundraising, and unique member benefits that help Canadians support their family, their community, and the causes they care about.3 The more we grow, the more we can give.
When you purchase a policy, you automatically become a Serenia Life member and gain access to a growing collection of member benefits that help support your family, your community, and the causes you care about.
Enjoy Benefits, such as:
- $1,000 post-secondary scholarship>
- Money to fund your fundraiser (value: $250)
- A free digital will (value: $189), or a reimbursement of up to $150 when you hire a lawyer to draft or update your will
- and much more!
Take the Next Step – Get a Personalized Quote
If you ‘d like to get a free quote on term life insurance, use the number the calculator recommends for the Coverage Amount section in the quote tool.
FAQs
Our Term Life Insurance Calculator provides an estimate only. We always recommend speaking with a licensed Serenia Life advisor to get the most accurate information.
Yes, Serenia Life provides term life insurance quotes via our free online tool. Get a quote.
Certain health conditions may result in a higher premium (i.e., cost), while others may make you ineligible for coverage. While not all health conditions are covered by life insurance, many are. And some don’t affect cost at all! This is a good question to discuss with your Serenia Life advisor.
Disclaimers
1 These numbers are for informational purposes only. Because each person’s situation is unique, it is always best to speak with a qualified professional to better understand your needs.
2 Funeral Cost Source: https://www.dignitymemorial.com/en-ca/pre-planning/funeral-costs/average-funeral-cost
3 Serenia Life Financial’s member benefits and programs are not contractual. They are subject to change and maximum funding limits.