Total life insurance needed:
$223,010
Existing life insurance coverage:
$100,000
Additional life insurance needed:
$123,010
Total life insurance needed:
$223,010
Existing life insurance coverage:
$100,000
Additional life insurance needed:
$123,010
$X - $X monthlyThe cost for this coverage can range from: help, and may be higher or lower, depending on your health, age and lifestyle.
Total life insurance needed:
$223,010
Existing life insurance coverage:
$100,000
Additional life insurance needed:
$123,010
Cost range for additional life insurance coverage
The average cost of undergraduate tuition per year in Canada was $6,571 in 2017/2018.
Province | Average tuition/year |
---|---|
Newfoundland and Labrador | $2,814 |
Prince Edward Island | $6,498 |
Nova Scotia | $7,726 |
New Brunswick | $6,893 |
Quebec | $2,889 |
Ontario | $8,454 |
Manitoba | $4,158 |
Saskatchewan | $7,205 |
Alberta | $5,749 |
British Columbia | $5,635 |
Source: Statistics Canada, September 2017
These figures don’t include room and board, which could add substantially to education expenses.
Think about how much of your income your family would need each year to keep up their current lifestyle if you die. This includes everything from your monthly phone bills to groceries. Then you need to determine how many years your family will need this money.
You might want to calculate this amount by using either the number of years from now until your youngest child turns 18 or your spouse/partner retires. Your family will receive the life insurance in a single payment, to use as they see fit, but this will give you an idea of how long the money might last.
Funeral costs can range from $4,500 (for a simple cremation service) to $15,000 (for a full-service, traditional burial).
This includes other major expenses you expect your family will need money for, such as, child care, vacations, charitable donations, a child’s wedding, etc.
This cost range is based on the information you gave us, and applies to Term life insurance products that renew every 10 years. We have other types of life insurance products that may suit your needs, for different monthly costs.
The actual cost of life insurance depends on your health, age and lifestyle. An advisor can give you a more accurate life insurance quote and find you coverage that suits your needs.
Speak with an advisor Compare life insurance productsSun Life offers several types of life insurance products to meet your needs. You can buy some of these online and some only with help from an advisor.
Be sure to compare life insurance products so that you understand all of your options. If you’re not sure or have questions, speak with an advisor.
Compare life insurance productsThis includes registered retirement savings plans (RRSP), tax-free savings accounts (TFSA), registered education savings plans (RESP), etc.
This includes any life insurance coverage that you already have, including group life insurance coverage through your employer, personal life insurance or mortgage insurance.
We ask these 3 questions because they are the most important factors in calculating the cost of your life insurance.