Disability income gap calculator

While the Canada Pension Plan (CPP) and Quebec Pension Plan (QPP) do include disability coverage, there are considerable limitations to the benefits provided by these plans:

• For 2026, the average monthly CPP disability benefit is $1,210.86 and the maximum monthly amount is $1,741.20. This amount is considerably less than what you could receive through one of our disability insurance plans. For example, through The Professional Series policy, some individuals can qualify for as much as $25,000 per month, depending on their occupation, pre-disability income and other factors.

• To qualify for the CPP disability benefit, you must sustain a severe and prolonged mental or physical disability and be unable to work at any occupation. With a disability insurance plan from RBC Insurance, you may be able to receive benefits under a less stringent definition of disability.

Learn more at: https://www.canada.ca/en/services/benefits/publicpensions/cpp-disability-benefit/benefit-amount.html.

This answer depends on your employer-sponsored disability plan, so examine it carefully and know what it covers. Typically, an employer-sponsored plan will end when your employment ends. One of the advantages of a disability insurance policy from RBC Insurance is that you can take it with you if you leave your job.

Here are some things to look at for your employer-sponsored plan:

• How much of your income will your employer-sponsored disability plan replace? Will you be caught short?

• Are you covered for illness as well as injury?

• Are you only covered for accidents on the job, or are you protected 24/7?

• Does your plan provide valuable return to work services?

• How does your plan define a disability?

Once you know the answers to these questions, you may find that you need additional coverage.

Your disability benefits should allow you and your family to continue to live comfortably, as though you were still able to work full-time. First, total up your monthly “fixed living expenses” such as food, housing, transportation, utilities and other miscellaneous expenses. Subtract from that amount any income you’ll receive from other sources during a disability—for example, from investments you may have, property you rent out and other disability insurance coverage. The amount by which your expenses exceed income during disability is the amount you need. Bear in mind, though, that any disability insurance plan will only replace a portion of your income.

You may apply for disability insurance if you:

• Meet the age requirements of the policy:

• Age 18-60 for The Professional Series, The Foundation Series The Bridge Series and Quantum policies

• Age 18-64 for The Fundamental Series policy (illness coverage) and age 18-69 (injury coverage)

• Age 18-55 for RBC Simplified Disability Insurance

• Age 18-55 for the Retirement Protector policy

• Are a Canadian citizen or permanent resident/landed immigrant

The elimination period is the number of days between the onset of a disability and the day you begin receiving benefits. Most of our plans offer you a choice of elimination periods ranging from 30 days to 730 days. RBC Simplified® Disability Insurance has a 60-day or 90-day elimination period to choose from.

Yes, you can cancel your coverage at any time by contacting us.