Disability Income Needs Calculator

Disability Income Needs Calculator

Use this calculator to estimate how much disability insurance you might need to maintain your current standard of living. Enter your monthly income, living expenses, plus any other expenses that you would want to be covered should you ever lose your ability to earn an income. Enter whole numbers only in each field that applies to your specific situation. Do not enter commas, decimals or spaces.
Note: This calculator is intended to provide estimates only. Speak to a licensed Insurance advisor for a recommendation tailored to your specific disability insurance needs.

Monthly Income and Expenses
Monthly Living Expenses
Mortgage / Rent $
Auto Loan or Lease Payment $
Savings Contributions (RRSP, RESP, and other savings contributions that you make) $
Debt Repayments (Credit cards, line of credit, personal loans) $
Utilities (Gas, water, electric) $
Services (Home phone, cell phone, cable, internet, home security system) $
Transportation Expenses (Gas, tolls, vehicle maintenance, transit, etc.) $
Insurance Premiums (e.g. Home, auto, life, critical illness, and other) $
Health Expenses (Medical, dental and drug expenses) $
Groceries $
Clothing / Gifts $
Property Taxes $
Childcare / Education $
Entertainment (Hobbies, movies, golf, dining out, club dues, children’s activities, vacation, etc.) $
Other Expenses (Weekly allowance, home maintenance/improvement costs, seasonal expenses, etc.) $
STEP 1
Total Monthly Expenses: $
Expected Monthly Income while Disabled
Individual Disability Benefits (Income replacement benefits you would receive from a personal disability plan you have) $
Group Long-Term Disability Benefits (Income replacement benefits you would receive from an employer-sponsored or other disability plan) $
Investment Income (Income you earn from investments such as stocks or mutual funds) $
Business Income (Any business-related income you would continue to receive during disability) $
Unearned Income (Rents, royalties and other income you would continue to receive during disability, if applicable) $
Spousal Income (if applicable) $
STEP 2
Total Disability Income: $
STEP 3
Total Disability Insurance Needs: $




DISCLAIMER: This is not intended to be a complete needs analysis. Please work with your financial advisor to establish a complete financial security plan. This is not intended to be a recommendation or opinion as to the amount of insurance you require, but rather a basis for discussion between yourself and your advisor.

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