The calculator is comprised of six steps [Step 1, Step 2(a), Step 2(b), Step 3(a), Step 3(b), Step 3(c)] and a Summary. At each step, you will be prompted to answer questions, typing your responses in the spaces provided.
After you have entered a value into each space, click the "Continue" button to go to the next step. The calculator will use the values you input to compute your "Disability Income Insurance Gap," which is the difference between your monthly expenses and the monthly income you will have available if you become disabled.
Please enter all values as whole numbers (no decimals or non-numerical characters).
Across the top of the Disability Income Calculator is a progress bar, where the step you are currently working on will be highlighted. You can click back and forth between steps using the Progress Bar. You may complete the steps in any order.
NOTE: When you use the Progress Bar (or the calculator's "Continue" button to navigate through the calculator, the information entered in each step is retained. If you use your browser's forward and back buttons to navigate between steps, you will have to re-enter your answers.
As values are entered into each space, they are also displayed in the scrollable review window (located below the graph).
The graph displays lines that represent your current monthly income after taxes, other sources of income, and your expenses. It shows how a disability would affect your income and the gap that might exist between your disability income and your necessary living expenses.
Filling this gap is the purpose of owning a Principal Life Insurance Company disability income insurance policy.
If you don't know your net monthly income after taxes, don't worry. Just enter your annual gross (before tax) income into the space labeled "Gross annual income" and the calculator will estimate your after-tax monthly income for you. Click "Continue" to go to Step 2(a).
Step 2(a) addresses the percentage of your current monthly income that would be paid by a group disability insurance policy, if you have one. If you are not covered by a group disability insurance policy, select 0%. If your policy provides for a percentage not listed, select "Continue," and another space will open into which you can enter your percentage.
Enter information regarding waiting period, benefit period and maximum benefit amount available.
If you presently have Individual Disability Income insurance, please enter the amount of monthly income that will be paid if you were to become disabled and eligible for benefits (enter the dollar amount in whole dollars, not as a percentage). Click "Continue" to go to Step 2(b).
In Step 2(b) enter the monthly dollar value you would receive from Social Security if you were to become disabled. For assistance with Social Security benefit amounts please use the provided link to the Social Security Administration web site. Enter any additional household income you would receive in the space indicated. Click "Continue" to go to Step 3(a).
In Step 3(a) enter what you pay monthly for your mortgage or rent, utilities and food. For assistance in calculating these expenses, click on the available pop-up worksheet. Click "Continue" to go to Step 3(b).
In Step 3(b) enter your monthly auto payments and expenses, loans, credit card and charge account payments, and what you pay each month for insurance. For assistance in calculating these expenses, click on the available pop-up worksheets. Click "Continue" to go to Step 3(c).
In Step 3(c) enter monthly childcare, college education fund, and other expenses (not already entered in another step). For assistance in calculating these expenses, click on the available pop-up worksheets." Click "Continue" to go to the Summary screen.
The Summary presents the values you entered into the different steps of the calculator in a single view. There's also a graph showing monthly income and expenses, as well as any disability income gap that may exist.
For most people, a disability would have a significant negative impact on their personal finances. The magnitude of this impact varies from person to person, based on individual circumstances. The Disability Income Insurance Calculator provides a view of how you might be impacted, given the financial values you input into the calculator.
The best way to protect you and your family against the impact of a disability is to contact a local representative.
Clicking the Print button will print the Summary page for your records, so when you visit with your representative, you'll have all of the information at your fingertips. We strongly urge you to print the Summary for future reference as you pursue the process of protecting your income and your family.
If you have questions, please contact your local representative.
Thank you for your interest in Principal Life Insurance Company's disability income insurance.