Calculate Your Disability Insurance Needs
Use this calculator to estimate how much disability insurance you will need to cover your expenses if you become disabled.
Explanation of the fields that need to be filled:
- Current monthly expenses
All of your expenses for one month, including rent or mortgage, food, utility, clothes, entertainment, and etc.
- Disability monthly expenses
The expected monthly expenses during the period in which you are disabled.
Most of your usual expenses, such as mortgage, food and others, will probably stay the same during this period. However, some will not be present and that is why often disability expenses are smaller than the usual ones.
- Length of disability
Fill in how many months you expect to stay without income due to disability.
- Current monthly coverage
Fill in your current monthly disability coverage (if any). Check if you have any coverage provided by your employer.
- Length of coverage
Fill in how many months your current disability coverage includes.
- Annual inflation
The current inflation rate is about 3.0%. If you get disabled for just a couple months inflation will not matter much to you; however, it will be a more important factor if you remain disabled for longer than a few years.
For comprehensive information about disability insurance read: Disability insurance explained from A to Z.