10/27/2026
POST 1 — How much life insurance does Priya actually need?
How much life insurance do I need in Canada? Let’s run the math for an Ontario family. 🧮
Priya is 34, lives in Mississauga, has two kids and earns $90K. Her numbers are illustrative, but they show how most people get to a coverage amount. The DIME method adds up Debts, Income, Mortgage and Education. Then you subtract what’s already in place, like group coverage at work, savings and RESPs.
A lot of people choose a round number that “feels right,” or they assume their workplace coverage is enough. Group life is often 1–2× salary, and it usually stays with the job, not with you. Your real number depends on your debts, how many years of income your family would need, and what your partner earns. It also changes over time, so re-run it after a new baby, a move or a raise.
✅ Add up debts, income, mortgage and education
✅ Subtract group coverage, savings and RESPs
✅ Factor in a partner’s income
✅ Revisit after every major life change
💾 Save this so you can run your own numbers
📤 Share it with a parent who’s never done the math
💬 DM “DIME” and we’ll walk through it with you
General information only, not financial, tax or legal advice. Priya’s scenario and all figures are illustrative.
