{"id":21826,"date":"2024-12-16T09:10:31","date_gmt":"2024-12-16T14:10:31","guid":{"rendered":"https:\/\/silver.rbcinsurance.com\/en-ca\/?page_id=21826"},"modified":"2025-02-26T14:16:11","modified_gmt":"2025-02-26T19:16:11","slug":"how-much-life-insurance-do-i-need","status":"publish","type":"page","link":"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/how-much-life-insurance-do-i-need\/","title":{"rendered":"How Much Life Insurance Do I Need?"},"content":{"rendered":"\n<p class=\"mar-t-hlf mob-mar-t-hlf mar-b-0 mob-mar-b-0 mob-pad-t-qtr pad-b-0 rbc-yoast-breadcrum has-text-xs-font-size\"><span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span><\/p>\n\n\n\n<div class=\"wp-block-rbc-layout-selector layoutSelector layoutSelector__layout5 mar-t-0 mob-mar-t-0\">\n<div class=\"wp-block-group mar-t-0 mob-mar-t-0 is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group layoutSelector__cards-container layoutSelector__is-flex layoutSelector__direction-row is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group flex-2\/3 is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<h1 class=\"wp-block-heading mar-b-hlf mob-mar-b-hlf mar-t-0 mob-mar-t-0\" id=\"h-how-much-life-insurance-do-i-need\">How much life insurance do I need?<\/h1>\n\n\n\n<p>The short answer? Probably more than you think. The answer to this question is unique for everyone. When choosing a coverage amount, there are a few different things you\u2019ll want to look at. Try our <a href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\" data-dig-id=\"LP-21826-a13a63aa\" data-dig-label=\"life insurance calculator\" data-dig-action=\"link click\" data-dig-category=\"LP\" class=\"rbc-link-format\">life insurance calculator<\/a> to get a quick estimate now or check out what factors to consider when determining how much you need:<\/p>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group flex-1\/3 is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-rbc-information-card informationCard\" style=\"--icon-url:url(undefined);background-color:#F7F8FA\">\n<div class=\"wp-block-group informationCard__content is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group informationCard__icon-group is-layout-flow wp-block-group-is-layout-flow\">\n<h4 class=\"wp-block-heading mar-l-hlf mob-mar-l-hlf mar-b-hlf mob-mar-b-hlf\" id=\"h-related-articles\">Related articles<\/h4>\n<\/div>\n\n\n\n<ul class=\"wp-block-list list-core-block second-level-inherit third-level-inherit is-style-blue-disc mar-l-hlf mob-mar-l-hlf\">\n<li><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/what-is-life-insurance\/\" data-dig-id=\"LP-21771-d9f2ee59\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"What is life insurance?\" class=\"rbc-link-format\">What is life insurance?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/how-does-life-insurance-work\/\" data-dig-id=\"LP-21771-4c2fc163\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"How does life insurance work?\" class=\"rbc-link-format\">How does life insurance work?<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/types-of-life-insurance\/\" data-dig-id=\"LP-21826-9a63bf7b\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"The types of life insurance explained\" class=\"rbc-link-format\">The types of life insurance explained<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/reasons-to-get-life-insurance\/\" data-dig-id=\"LP-21826-7d91c5d9\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"4 reasons to get life insurance at any age\" class=\"rbc-link-format\">4 reasons to get life insurance at any age<\/a><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-faq faq mar-t-dbl mob-mar-t-dbl\"><div class=\"faq__header\"><h2>6 things to consider when deciding:<\/h2><\/div><div class=\"faq__content\">\n<div class=\"wp-block-rbc-rbc-collapsible-accordion accordion\" id=\"&quot;accordionSet1\">\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlewgpfjc65\" class=\"collapse-toggle collapsed\" data-target=\"#accordionwgpfjc65\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21826-c7fd4ee3\" aria-controls=\"accordionwgpfjc65\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Your annual income\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Your annual income<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionwgpfjc65\" role=\"region\" aria-labelledby=\"accordion-titlewgpfjc65\"><div class=\"collapse-inner\">\n<p>In general, it\u2019s recommended that you have at least 5-7 times your yearly net income (\u201cnet\u201d means after taxes are taken out). This would essentially provide 5-7 years\u2019 worth of your annual income to your beneficiaries.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title4i4fi06h\" class=\"collapse-toggle collapsed\" data-target=\"#accordion4i4fi06h\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21826-04fe79ba\" aria-controls=\"accordion4i4fi06h\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Who relies on you financially?\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Who relies on you financially?<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion4i4fi06h\" role=\"region\" aria-labelledby=\"accordion-title4i4fi06h\"><div class=\"collapse-inner\">\n<p>Think about each person who depends on you and how long you might need to provide financial support for that person.<\/p>\n\n\n\n<p>For example\u2014how old is your youngest child? How many kids do you have and do you want them to have the opportunity to attend college or university? Or, is it just you and your partner right now? The more dependents you have, the more coverage you may need.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titlekkyv1xeg\" class=\"collapse-toggle collapsed\" data-target=\"#accordionkkyv1xeg\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21826-e3f2e948\" aria-controls=\"accordionkkyv1xeg\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Your debts\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Your debts<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionkkyv1xeg\" role=\"region\" aria-labelledby=\"accordion-titlekkyv1xeg\"><div class=\"collapse-inner\">\n<p>If you have a mortgage, student loans or credit card bills, what would it take for your spouse or partner to completely settle all these debts? Having money to pay off the mortgage could mean the difference between your spouse having to sell the house or being able to stay.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleky77rkuh\" class=\"collapse-toggle collapsed\" data-target=\"#accordionky77rkuh\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21826-4266f941\" aria-controls=\"accordionky77rkuh\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Other life insurance, if you have it\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Other life insurance, if you have it<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionky77rkuh\" role=\"region\" aria-labelledby=\"accordion-titleky77rkuh\"><div class=\"collapse-inner\">\n<p>If you have some group coverage through work or mortgage life insurance, you may be able to subtract these amounts from what you need to buy.<\/p>\n\n\n\n<p>Most group life insurance policies only cover 1-3 times your annual salary, so it\u2019s very likely you do not have enough coverage through work. Plus, if you change jobs, you will most likely lose your coverage. If you\u2019re not sure how much you have, talk to your HR department or check your policy.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-titleteup42el\" class=\"collapse-toggle collapsed\" data-target=\"#accordionteup42el\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21826-429928db\" aria-controls=\"accordionteup42el\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"Your savings and investments\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>Your savings and investments<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordionteup42el\" role=\"region\" aria-labelledby=\"accordion-titleteup42el\"><div class=\"collapse-inner\">\n<p>If you have savings and investments earmarked for certain future plans\u2014such as a Registered Education Savings Plan (RESP) for your child\u2019s education, you can subtract these amounts from your life insurance needs. You just want to make sure that if your family had to use your savings and investments earlier than planned that it would not negatively impact their plans in another area.<\/p>\n\n\n\n<p><strong>Tip:<\/strong> Review your coverage needs every few years and any time you have a major life event\u2014like a new family member or even an increase in your income.<\/p>\n<\/div><\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-collapsible-panel\"><div class=\"accordion-panel\"><button id=\"accordion-title70up2v14\" class=\"collapse-toggle collapsed\" data-target=\"#accordion70up2v14\" data-toggle=\"collapse\" data-parent=\"#accordionSet1\" aria-expanded=\"false\" data-dig-id=\"LP-21826-177fe83c\" aria-controls=\"accordion70up2v14\" data-dig-category=\"LP\" data-dig-action=\"collapsible closed\" data-dig-label=\"How much coverage you can afford at the moment\u2014you can always add more later\" action-closed=\"collapsible closed\" action-opened=\"collapsible open\"><div>How much coverage you can afford at the moment\u2014you can always add more later<\/div><\/button><div class=\"collapse-content collapse\" id=\"accordion70up2v14\" role=\"region\" aria-labelledby=\"accordion-title70up2v14\"><div class=\"collapse-inner\">\n<p>Buy the amount you can afford now because some life insurance coverage is better than none. You can always add more when you have additional room in your budget.<\/p>\n\n\n\n<p>Also, if you\u2019re interested in permanent coverage, but you can only afford <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/term-life-insurance\/\" data-dig-id=\"LP-21826-6ede137e\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"term coverage\" class=\"rbc-link-format\">term coverage<\/a> right now, keep in mind that most term policies give you the option to convert to permanent coverage such as <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/whole-life-insurance\/\" data-dig-id=\"LP-21826-a36bbe62\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"whole life insurance\" class=\"rbc-link-format\">whole life insurance<\/a> at a future date.<\/p>\n<\/div><\/div><\/div><\/div>\n<\/div>\n<\/div><\/div>\n\n\n\n<p class=\"mar-t-dbl mob-mar-t-dbl\">Try our <a href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-calculator\/index.html\" data-dig-id=\"LP-21826-ac8811cd\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"life insurance calculator\" class=\"rbc-link-format\">life insurance calculator<\/a> now to see how much coverage you might need.<\/p>\n\n\n\n<div class=\"wp-block-rbc-callout-card calloutCard calloutCard__image\" style=\"background-color:#F7F8FA\">\n<div class=\"wp-block-columns cols is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column col-left is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<h2 class=\"wp-block-heading\" id=\"h-still-have-a-few-questions\">Still have a few questions?<\/h2>\n\n\n\n<p class=\"rbc-override-margin p-large\">Connect with a life insurance advisor or get a quick life insurance quote now.<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-buttons  get-your-free-quote is-layout-flex wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button btn is-style-primary primary\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html\" data-dig-id=\"LP-21826-7b6e90d8\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-https:\/\/silver.rbcinsurance.com\/life-insurance\/life-insurance-quote\/index.html \">Get a quote<\/a><\/div>\n\n\n\n<div class=\"wp-block-button btn is-style-secondary secondary\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/silver.rbcinsurance.com\/request-a-call\/personal-insurance\/contact-us\/index.html\" data-dig-id=\"LP-21826-7b6e90d8\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Book a call-https:\/\/silver.rbcinsurance.com\/request-a-call\/personal-insurance\/contact-us\/index.html \">Book a call<\/a><\/div>\n<\/div><\/div>\n\n\n\n<div class=\"wp-block-rbc-postal-code postal-code-form  postal-code\" data-custom-url=\"\"><div class=\"quote-form\"><div class=\"inputCode\"><label>Your postal code<\/label><input class=\"\" type=\"text\" value=\"\" placeholder=\"A1A 1A1\"\/><\/div><div class=\"inputCode\">\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button btn is-style-accent accent\"><a class=\"wp-block-button__link wp-element-button\" href=\"#\" data-dig-id=\"LP-21826-9da6e603\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Get a quote-# \">Get a quote<\/a><\/div>\n<\/div><\/div>\n<\/div><\/div><div class=\"error-msg\"><span class=\"error-msg-span\">Please provide a valid postal code in A1A 1A1 format.<\/span><\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>Need help now? <a href=\"tel:+18662237113\" data-dig-id=\"LP-21771-ad67c22b\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Call 1-800-461-1413\" class=\"rbc-link-format\">Call 1-866-223-7113<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column col-right is-layout-flow wp-block-column-is-layout-flow\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"606\" height=\"573\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-cta.webp?quality=80&amp;w=606\" alt=\"A father and son protected by life insurance\" class=\"wp-image-18133\" srcset=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-cta.webp 606w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-cta.webp?resize=300,284 300w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/life-insurance-cta.webp?resize=412,390 412w\" sizes=\"auto, (max-width: 606px) 100vw, 606px\" \/><\/figure>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Try our life insurance calculator now to see how much coverage you might need.<\/p>\n","protected":false},"author":196,"featured_media":0,"parent":13770,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"templates\/new-rbci-design.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-21826","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Much Life Insurance Do I Need? 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