Step 1 - Immediate Cash Needs

How Much will your family need to cover expenses if you pass away?
Estimate the cost of any finanacial expenses. This would include funeral expenses (as a guide, the typical cost of a funeral in Canada is $15,000), as well as any final taxes owning at death.
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How much would you need to pay off your current mortgage, if you do not already have creditor life insurance on that mortgage?
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How much would you need to pay off other loans and debts (such as credit cards, car loans, lines of credit) if you do not already have creditor life insurance on those loans or debts?
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How much would be needed for an emergency savings fund?
The general suggestion is to have at least 3 month's salary saved to cover any unplanned events.
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Children’s Education Fund

How much would be needed for your children’s education fund?
As an estimate, use $15,000 per year for each child for 4 years or $60,000 per child, less current education savings held in RESPs, etc
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