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Calculate Your Disability Insurance Needs

How much disability insurance coverage do you need?

Use this calculator to estimate how much disability insurance you might need. Enter your monthly income, living expenses, plus any other expenses that you would want to be covered if you lost your ability to earn an income.

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

Living Expenses Your Information
  Annual
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Annual Living Expenses

If desired, enter an annual amount for your living expense to automatically calculate your monthly expense. Round up to the nearest dollar and do not enter a decimal, comma or dollar sign.

Monthly
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Monthly Living Expenses

Enter a monthly amount for your living expense. If an Annual field is available, you can enter an annual amount for the expense instead and the monthly expense will be calculated for you. You may also override the calculation and enter an amount manually. Round up to the nearest dollar and do not enter a decimal, comma or dollar sign.

 
 
(Gas, water, electric)  
(Home phone, cell phone, cable, internet, home security system)  
(Credit cards, line of credit, personal loans)  
 
(Gas, tolls, vehicle maintenance, transit, etc.)  
(Home, auto, life and other)
(Medical, dental and drug expenses)
(Birthday, seasonal, other)
(Hobbies, movies, golf, dining out, club dues, children's activities, vacation, etc.)
(Retirement, education and other savings contributions that you make)
(Weekly allowance, home maintenance / improvement costs, seasonal expenses, etc.)
Total Monthly Expenses  

 

Estimated Average Tax Rate while Disabled
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Estimated Average Tax Rate while Disabled

This field defaults to 25%; however, you may enter a different percentage rate if you know what your average tax rate would be while you are disabled.

%
Expected Monthly Income while Disabled
  Taxable
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Taxable Expected Monthly Income

Enter your taxable income amount (your pre-tax, gross income) to automatically calculate your after-tax income based on the average tax rate you indicated. Round up to the nearest dollar and do not enter a decimal, comma or dollar sign.

After-Tax
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After-Tax Expected Monthly Income

If you enter a taxable income amount, this field will be calculated automatically based on the average tax rate you indicated. You may also override the calculation and enter an amount manually. Round up to the nearest dollar and do not enter a decimal, comma or dollar sign.

(Income replacement benefits you would receive from an employer-sponsored or other disability plan)
(Income replacement benefits you would receive from a personal disability plan you have)
(Income you earn from investments such as stocks or mutual funds)
(Rents, royalties and other income you would continue to receive during disability)
(Any business-related income you would continue to receive during disability)
Total After-Tax Income While Disabled
Totals
Total After-Tax Income While Disabled
Total Monthly Needs
Monthly Disability Insurance Required

Based on the estimates you provided above, you would need a minimum of $0 in disability insurance benefits per month.