Disability Insurance Needs Analysis

How Much Disability Insurance Do You Need?

Step 1: Enter your monthly expenses (divide annual bills by 12 to convert to monthly expenses)

Groceries
Mortgage/Rent and Property Taxes
Utilities and Services (gas, water, electricity, home phone, cell phone, etc.)
Debt Repayment (credit cards, lines of credit, student loans, etc.)
Car Loan or Lease Payment
Gas & Maintenance
Insurance (home, auto, life, health, etc.)
Clothing
Entertainment & Gifts (birthday, seasonal, hobbies, golf, dining out, children’s activities, etc.)
Regular Savings (retirement, education and other savings)
Other Bills (home maintenance, holidays, school dues/fees, allowances, etc.)
Total Monthly Expenses	$0

Step 2: Enter your expected monthly income while disabled

Group and/or Personal Long-Term Disability Benefits (income you would receive from either your group benefits plan and/or a personally owned disability insurance policy)
Investment Income(interest income or capital growth earned from stocks, bonds, GICs, etc.)
Passive Income (income from rents, royalties and other sources that would continue if you were disabled)
Business Income (any business-related income that would continue while disabled)
Other Long-Term Disability Income Sources
Spousal Income (if your spouse is able to continue to work)
Total Income While Disabled	$0

Result: Your disability insurance shortfall

Amount of Disability Insurance You Need

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Note: This calculator is intended to provide estimates only. Please speak to a licensed Canada insurance advisor at Life Guard Insurance for a recommendation tailored to your specific disability insurance needs.