Disability Insurance Needs Calculator

Disability Insurance Needs

How much income will you need to maintain your standard of living if you are unable to work?





Use monthly or annual amounts?

Monthly Income Sources

How much will you have if you become disabled?		Name
	is disabled	is disabled
Partner's income	0	0	Partner's income Enter any income that your partner can provide.
Government sources	0	0	Government sources Enter benefits from Worker's Compensation, Employment Insurance or CPP Disability benefits.
Existing disability insurance coverage	0	0	Existing Coverage Enter the total amount of coverage you have through group and private disability insurance plans.
Investments	0	0	Investments Income from investments returns or from sale of investment, real estate or business assets.
Emergency savings	0	0	Emergency Savings If you have emergency savings set aside, enter these here.
RRSP withdrawals	0	0	RRSP Withdrawals These may be a last resort as withdrawals are taxable and have a negative impact on your retirement fund.
Other	0	0
Other	0	0
Other	0	0
Total Monthly Income Sources	$0	$0

Monthly Expenses

What expenses need to be covered?				Name
Select province			is disabled	is disabled
	Canada
	Average Expenses	Average Expenses These figures represent the average expenditure per household in 2017. (Source: Statistics Canada: Household Spending, Canada, Regions and Provinces, Table 11-10-0222-01)	Monthly	Monthly
Housing	$2,148	Copy->	0	0	Housing Include all housing costs such as mortgage/rent, utilities, property taxes, repairs, furnishings.
Transportation	$1,059	Clear	0	0	Transportation Include all vehicle (fuel, financing, insurance, repairs) and commuting costs.
Food	$835		0	0	Food Include amounts spent at grocery stores, restaurants and on alcohol and tobacco.
Insurance/Pensions	$428		0	0	Insurance/Pensions Include insurance premiums and contributions to RRSPs, TFSAs and RPPs.
Recreation	$332		0	0
Health Care	$323		0	0	Health Care Include amounts spent on health care and personal care.
Clothing	$286		0	0
Gifts/Charity	$185		0	0	Gifts/Charity Include gifts of money, support payments and charitable contributions.
Miscellaneous	$165		0	0
Education	$161		0	0
Subtotal	$5,923		0	0
Other			0	0
Other			0	0
Total Monthly Expenses			$0	$0

Income Need

What is your income need because of a disability?		Name
	is disabled	is disabled
Monthly income sources B	0	0
Monthly expenses A	0	0
Monthly Income Need * (A - B)	$0	$0

Is additional disability insurance coverage needed?	No	No
* A positive amount indicates an income need. A negative amount indicates an income surplus.

PDF

Disclaimer

Disability Insurance Needs

Disability insurance pays a benefit if you suffer an accident or illness that prevents you from working and earning an income.

It protects one of your most valuable assets, your earning power by helping to cover your monthly expenses and other financial obligations.

Income Need	Jack	Jill
Monthly Income Sources (B)
Monthly Expenses (A)
Monthly Income Need (A-B)		$642,434
Is additional disability insurance coverage needed?		Yes

* A positive amount indicates an insurance need. A negative amount indicates an insurance surplus.

Disclaimer

Disability Insurance Needs

Income Need	Jack	Jill
What is your income need because of a disability?		is disabled
Monthly Income Sources
Monthly Expenses		$0
Monthly Income Need		$0

Is additional disability insurance coverage needed?		No

Monthly Income Sources
How much income will you have if you become disabled?
Partner's income
Government sources
Existing disability insurance coverage
Investments
Emergency savings
RRSP withdrawals
Other
Other
Other
Total Monthly Income Sources

Expenses

What expenses need to be covered?		Monthly
Housing
Transportation
Food
Insurance/Pensions
Recreation
Health Care
Clothing
Gifts/Charity
Miscellaneous
Education
Subtotal
Other
Other
Total Monthly Expenses