Income Protection: Calculating Your Risk Of Losing Your Income

[Kayzor]

If you're planning for your future, it's important to understand how much income you'll need to live on. If you lose your job or are unable to work due to illness, accidents or injury, would you be able to afford the same standard of living?


How much can you afford to lose?
When looking for income protection calculator, you should consider how much you need to remain financially stable. The amount of income protection you need is directly related to the amount of money that you are putting towards your monthly expenses. If your expenses are high and exceed what your current salary can cover, then it makes sense that you would want additional coverage. However, if your salary is enough to cover all of your expenses with a little bit left over each month, then having more than one month's worth of income may not be necessary.



In addition to calculating how much money it takes for you to survive per month after paying off all bills, think about how much risk is acceptable in regards to losing this amount if something were ever happen where this money could no longer be used as an income stream or received via other means such as investments or savings accounts. It may seem like an obvious answer but it's important when determining what kind of protection plan best fits within someone's budget: “How much can I afford lose?”

[Monko]

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