{"id":8114,"date":"2023-01-02T13:00:00","date_gmt":"2023-01-02T13:00:00","guid":{"rendered":"https:\/\/www.rbcinsurance.com\/en-ca\/2019\/07\/29\/how-much-life-insurance-do-i-need-the-answer-might-surprise-you\/"},"modified":"2025-10-01T14:46:00","modified_gmt":"2025-10-01T18:46:00","slug":"how-much-life-insurance-do-i-need","status":"publish","type":"post","link":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/how-much-life-insurance-do-i-need","title":{"rendered":"How Much Life Insurance Do I Need? The Answer Might Surprise You"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">How Much Life Insurance Do I Need? The Answer Might Surprise You<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2023-01-02T13:00:00-05:00\">January 2, 2023<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">4 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"Sarita Harbour\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Sarita Harbour<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/insurance_discover_and_learn_Thumbnail-default-2.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A woman thinking about how much life insurance she needs\" style=\"object-fit:cover;\" srcset=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/insurance_discover_and_learn_Thumbnail-default-2.jpg 930w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/insurance_discover_and_learn_Thumbnail-default-2.jpg?resize=300,200 300w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/insurance_discover_and_learn_Thumbnail-default-2.jpg?resize=768,512 768w, https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2022\/09\/insurance_discover_and_learn_Thumbnail-default-2.jpg?resize=412,275 412w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How Much Life Insurance Do I Need? The Answer Might Surprise You &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/how-much-life-insurance-do-i-need\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/how-much-life-insurance-do-i-need\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h4\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Life Insurance Basics<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-life-insurance-basics\">Life Insurance Basics<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-how-much-life-insurance-do-i-need\">How Much Life Insurance Do I Need?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-do-i-have-enough-life-insurance\">Do I Have Enough Life Insurance?<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner \" style=\"border-radius:0x\">\n<p>We hear all the time that life insurance is important and should be considered when planning our family&#8217;s financial future but, how do we know how much is enough? Understanding the <a href=\"https:\/\/discover.rbcinsurance.com\/term-permanent-whole-and-universal-life-insurance-what-are-the-differences\/?dlref=Discover-Learn-Insurance&amp;dlarticle=how-much-life-insurance-do-i-need-the-answer-might-surprise-you&amp;dltarget=related-dl-article\" target=\"_blank\" rel=\"noopener noreferrer\">different types of life insurance<\/a> and itemizing what&#8217;s important to your family will help determine what coverage would be best for your needs. Here&#8217;s what you need to know.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-life-insurance-basics\">Life Insurance Basics<\/h4>\n\n\n\n<p>A <a href=\"https:\/\/discover.rbcinsurance.com\/will-my-loved-ones-pay-tax-on-life-insurance-proceeds\/?dlref=Discover-Learn-Insurance&amp;dlarticle=how-much-life-insurance-do-i-need-the-answer-might-surprise-you&amp;dltarget=related-dl-article\" target=\"_blank\" rel=\"noopener noreferrer\">life insurance policy pays a tax-free, lump-sum death benefit<\/a> to your beneficiaries when you pass away. It is a way to help provide for your family financially if you are no longer around to do so.<\/p>\n\n\n\n<p>You can arrange life insurance through an agent or broker, or in some cases through a group plan available through your employer or other organization.<\/p>\n\n\n\n<p>Life insurance comes in several forms:<\/p>\n\n\n\n<ol>\n<li><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/term-life-insurance\/?dlref=Discover-Learn-Insurance&amp;dlarticle=how-much-life-insurance-do-i-need-the-answer-might-surprise-you&amp;dltarget=product-info\" target=\"_blank\" rel=\"noopener noreferrer\">Term Life Insurance<\/a> offers a simple insurance solution that protects your family for a set period of time. If you pass away during this time, your insurance policy pays your beneficiaries, tax-free.<\/li>\n<li><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/?dlref=Discover-Learn-Insurance&#038;dlarticle=how-much-life-insurance-do-i-need-the-answer-might-surprise-you&#038;dltarget=product-info\" target=\"_blank\" rel=\"noopener noreferrer\">Permanent Life Insurance<\/a> gives you coverage for life and typically provides a death benefit with a savings\/investment component. Two primary types of permanent life insurance are Universal Life Insurance and Whole Life Insurance.<\/li>\n<li><a href=\"https:\/\/www.worldprotect.com\/life-insurance\/personal-accident-insurance.html?dlref=Discover-Learn-Insurance&amp;dlarticle=how-much-life-insurance-do-i-need-the-answer-might-surprise-you&amp;dltarget=product-info\" target=\"_blank\" rel=\"noopener noreferrer\">Personal Accident Insurance<\/a> is an affordable form of life insurance that protects your family if you pass away from an injury due to a sudden accident.<\/li>\n<\/ol>\n\n\n\n<p>When you&#8217;re trying to figure out which type of life insurance you need, consider your current and future financial obligations. If you&#8217;re single with no children, your financial obligations might look quite different than a married couple with a mortgage, car payments and two small children.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-how-much-life-insurance-do-i-need\">How Much Life Insurance Do I Need?<\/h4>\n\n\n\n<p>There are many rules of thumb about how much life insurance is the right amount, but generally the amount depends on what you want it to cover. Putting pen to paper or using a handy tool can help you <a href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html?dlref=Discover-Learn-Insurance&amp;dlarticle=how-much-life-insurance-do-i-need-the-answer-might-surprise-you&amp;dltarget=tool-calculator\" target=\"_blank\" rel=\"noopener noreferrer\">calculate how much life insurance you will need<\/a>. Some helpful things to consider can include:<\/p>\n\n\n\n<ul class=\"disc-list\">\n<li>Providing for dependents until they&#8217;re finished post-secondary education.<\/li>\n<li>Paying for your children&#8217;s post-secondary education. (<a href=\"https:\/\/www150.statcan.gc.ca\/n1\/daily-quotidien\/180905\/dq180905b-eng.htm\" target=\"_blank\" rel=\"noopener noreferrer\">Average tuition for an undergraduate program in 2021\/2022 is $6,693<\/a>).<\/li>\n<li>Paying for a loved one&#8217;s nursing home expenses. These costs vary by province and can range anywhere from <a href=\"https:\/\/www.comfortlife.ca\/retirement-community-resources\/retirement-cost\" target=\"_blank\" rel=\"noopener noreferrer\">$1,475 to $6,000<\/a> per month.<\/li>\n<li>Providing financial support for a spouse who is a home maker or stay at home parent.<\/li>\n<li>Paying off your mortgage or other outstanding loans or debts.<\/li>\n<li>Paying for funeral and burial costs which typically range from <a href=\"https:\/\/inmemory.ca\/resources\/funeral-costs\/\" target=\"_blank\" rel=\"noopener noreferrer\">$7,000 &#8211; $15,000.<\/a><\/li>\n<\/ul>\n\n\n\n<p>Once you&#8217;ve decided what items your life insurance policy should cover, think about your current annual income. If something were to happen to you, how many years of your current salary would your loved ones require to safely provide for their needs? That totaled amount should equal or be close to the amount you calculated that your life insurance policy should cover.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-do-i-have-enough-life-insurance\">Do I Have Enough Life Insurance?<\/h4>\n\n\n\n<p>Once you&#8217;ve uncovered how much insurance your family will need, you&#8217;ll need to validate how much coverage you have already through work or a group plan to see if there are any gaps.<\/p>\n\n\n\n<p>Make note of the type and amount of coverage you have through your employer provided group life insurance. A group life term insurance policy might cover just two or three times your annual salary. Depending on your goals, you might want to invest in additional life insurance of your own if the existing amount is not sufficient for your needs. Check the fine print in your employment benefits package, or contact your human resources department to help you find how much life insurance you have through work. If you switch jobs, your group policy will most likely end, so always stay up to date with your coverage. Consider taking out your own personal policy outside of your employer&#8217;s coverage to avoid ever being left without a policy.<\/p>\n\n\n\n<p>Forecasting the future costs of providing for your family can be difficult on your own, but understanding these key points can help you feel more confident. If you need help estimating how much life insurance you might need, meet with an <a href=\"https:\/\/services.rbcinsurance.com\/StoreAdvisorLocator\/?dlref=Discover-Learn-Insurance&amp;dlarticle=how-much-life-insurance-do-i-need-the-answer-might-surprise-you&amp;dltarget=advisor-locator\" target=\"_blank\" rel=\"noopener noreferrer\">RBC Life Insurance Advisor<\/a> or call us <span class=\"mobile-hidden\">1-866-223-7113<\/span> <span class=\"mobile-only\"><a href=\"tel:18662237113\">1-866-223-7113<\/a><\/span>.<\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-life-insurance\">RBC Life Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center mar-b-hlf mob-mar-b-hlf pad-r mob-pad-r pad-l mob-pad-l has-text-reg-font-size\">Protect Your Loved Ones With Dependable Life Insurance.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button aligncenter btn is-style-primary primary\"><a class=\"wp-block-button__link has-text-lg-font-size has-custom-font-size wp-element-button\" href=\"https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" rel=\"noreferrer noopener\" data-dig-id=\"LP-283-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/www.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html \">Get a quote<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center mar-t-hlf mob-mar-t-hlf pad-b mob-pad-b has-text-reg-font-size\"><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-273-18de2c2e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Learn More\" class=\"rbc-link-format\">Learn More<\/a><\/p>\n<\/div>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-b0a0df58-513f-44f7-8389-d67e3571ba21 {\n\t\theight: 30px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-b0a0df58-513f-44f7-8389-d67e3571ba21 {\n\t\t\theight: 15px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-b0a0df58-513f-44f7-8389-d67e3571ba21\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-HomeInsurance-14506-2de7ba0a\" data-dig-category=\"LP-HomeInsurance\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Life insurance can help protecting your family&#8217;s future. But how much do you need?<\/p>\n","protected":false},"author":109,"featured_media":8127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[54],"tags":[3,21],"article-type":[80],"ppma_author":[],"class_list":["post-8114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","tag-family","tag-managing-money","article-type-advice-learning"],"pp_force_visibility":null,"pp_subpost_visibility":null,"pp_inherited_force_visibility":null,"pp_inherited_subpost_visibility":null,"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Much Life Insurance Do I Need? 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