Disability Income Needs Calculator

Disability Income Needs CalculatorThis calculator will help you to determine the amount of disability insurance coverage needed to maintain your current standard of living should you ever lose the ability to earn an income. Start by entering all applicable monthly expenses, and then the total monthly income you would have outside of work. For a recommendation tailored to your specific disability insurance needs, speak to a licensed Insurance advisor

Estimate Disability Insurance Coverage
MONTHLY LIVING EXPENSES STEP ONE
 1

Mortgage / Rent:

(factor in property taxes, strata fees, insurance, etc. )

$
 2

Transportation Expenses:

(car loan, lease, gas, insurance, maintenance, transit.)

$
 3

Savings Contributions:

(regular contributions made to RRSP’s, RESP’s, etc. )

$
 4

Debt Repayments:

(payments on credit cards, lines of credit, loans.)

$
 5

Utilities / Services:

(gas, water, electric, cable, internet, phone, etc.)

$

Services:

$

Transportation Expenses:

$
 6

Insurance Premiums / Health Expenses:

(life, critical illness, medical, dental, medications.)

$

Health Expenses:

$
 7

Groceries:

(food and beverage expenditures for the month.)

$
 8

Clothing / Gifts / Entertainment:

( clothes, dining out, movies, concerts, vacations. )

$

Property Taxes:

$
 9

Childcare / Education:

( pre-school, daycare, nanny, baby sitter, private school. )

$

Entertainment:

$
10

Miscellaneous Other Expenses:

(home improvement, allowance, barber, salon, spa.)

$

STEP 1

Total Monthly Expenses:

NON – EMPLOYMENT INCOME STEP TWO
11

Individual Disability Benefits:

(Income replacement benefits you would receive from a personal disability plan you have)

$
12

Group Long-Term Disability Benefits:

(Income replacement benefits you would receive from an employer-sponsored or other disability plan)

$
13

Investment Income:

(Income you earn from investments such as stocks or mutual funds)

$
14

Business Income:

(Any business-related income you would continue to receive during disability)

$
15

Unearned Income:

(Rents, royalties and other income you would continue to receive during disability, if applicable)

$
16

Spousal Income:

(if applicable any financial support from spouse, alimony payments, child support. )

$

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. The administrator and owner of this website take no responsibility for any financial decisions made based upon the use of this calculator. Copyright© 2018 saviifinancial.com

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