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Calculating your Disability / Salary Insurance needs

How much coverage should I get?

Monthly expenses calculation


This simple exercise will help you identify the income needed to maintain your current standard of living:

EXPENSES COST PER MONTH
Mortgage, rent or property tax      $
Groceries and household items   $
Utilities – electricity, heat, water, etc.      $
Telephone, internet, etc.                    $
Loans and credit cards        $
Auto expenses   $
Insurance premium   $
Clothing    $
Savings plan contributions – RRSP,RESP, Emergency Fund $
Other    $
  Total:

How much insurance do you need?

NEEDS ANALYSIS  
Total monthly expenses               $
Less: Current monthly disability coverage (group, individual, etc. If any) $
Additional disability insurance needed $
   
Print Form here  

Is this enough coverage?                                                                             

Important points to remember...
Some considerations

  • Expenses may increase significantly during a disability – e.g. additional medical or childcare expenses
  • Disability may result in the loss of more than one income -  e.g. if your spouse must give up work to become a caregiver. Your spouse’s income may be essential to your financial security

Some suggestions

  • Maximize your available disability coverage
  • Consider coverage for your spouse’s income
  • Discuss additional / alternate risk management strategies such as critical illness insurance with Quattro Insurance Solutions


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