There’s no way to determine this exactly, however here’s how we can estimate that number and arrive at a reasonable answer.

 Lets look at 3 cases. In all cases we are assuming their income is $100,000 annually. (for a description of why your income determines how much life insurance you should have, see our ‘how much life insurance do I need  calculator). We’ll then shop the market and assume the lowest cost term life insurance policy for each person.

Age 30, $1,500,000 of 30 Year Term Life Insurance

 Male: $1340/Year or 1.34% of income
Female: $950/Year or 0.95% of income

Age 40, $1,000,000 of 20 Year Term Life Insurance:

 Male: $911/Year or 0.91% of income
Female: $657.00/Year or 0.657% of income

Age 50, $500,000 of 10 year Term Life Insurance

 Male: $681.00/Year or 0.681% of income
Female: $495.50/Year or 0.496% of income

 You can see that in most cases, the average person could be spending less than 1% of their gross annual income to be properly protect their family against a premature death and loss of your income. Using term life insurance – the right amount, and the right type – is surprisingly affordable for most Canadians.   

 For a more exact number, for your individual circumstances we suggest you use our ‘how much life insurance do I need  calculator (to figure out how much you should have), then read our ‘Best type of life insurance' article. Once you have an understanding of the correct amount and the correct type, you can then run your own online term life insurance quotes at the top of the page to instantly price shop from 15 Canadian life insurance companies.