Most of us have debts: a mortgage, a car loan, or a line of credit. At death, those debts will have to be repaid.

Life insurance can provide an immediate, tax-free source of cash, which lessens the burden of financial hardship on your family during an already stressful time.

How much insurance you will require depends on a number of factors, including your current income, your liabilities, your financial assets, your plans for second properties and other assets, and charitable giving. Consider that even if you already have insurance, perhaps through a group plan or other policy, the amount may not be sufficient.

For example, you may hold a $500,000 life insurance policy. Will your spouse and children be able to maintain their current lifestyle with this amount? Your final taxes, expenses, and debt repayments may amount to $200,000. Withdrawing just $40,000 a year will deplete the remaining $300,000 in only 11 years (assuming a generous 8% return)¹.

Use our online Life Insurance Calculator to help estimate the amount of insurance you require to suit your lifestyle and personal needs. You can also get free quotes online from top Canadian life insurers and apply online. Or, call 1-877-397-4187 today for a no-obligation needs analysis by a licensed, non-commissioned TD Insurance representative².

¹ Assumes the reinvestment of all earnings, does not take into account current or future taxes, and does not reflect all possible variables, which may affect results. Of course, rates of return will vary over time.
² TD Insurance representatives and advisors are licensed life agents of TD Life or TD Assurance Agency Inc.