{"id":9125,"date":"2021-01-06T16:23:44","date_gmt":"2021-01-06T16:23:44","guid":{"rendered":"https:\/\/silver.rbcinsurance.com\/en-ca\/2021\/01\/06\/i-need-to-adjust-my-budget-how-can-i-get-insurance-to-fit\/"},"modified":"2025-10-21T13:50:36","modified_gmt":"2025-10-21T17:50:36","slug":"how-to-fit-life-insurance-into-your-budget","status":"publish","type":"post","link":"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/how-to-fit-life-insurance-into-your-budget","title":{"rendered":"How to Fit Insurance Into Your Budget"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">How to Fit Insurance Into Your Budget<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2021-01-06T16:23:44-05:00\">January 6, 2021<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">6 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"Alexandra Macqueen\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Alexandra Macqueen<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/01\/budget-for-life-insurance.webp?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Budget for life insurance\" style=\"object-fit:cover;\" srcset=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/01\/budget-for-life-insurance.webp 930w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/01\/budget-for-life-insurance.webp?resize=300,200 300w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/01\/budget-for-life-insurance.webp?resize=768,512 768w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/01\/budget-for-life-insurance.webp?resize=412,275 412w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=How to Fit Insurance Into Your Budget &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/how-to-fit-life-insurance-into-your-budget\" aria-label=\"Email\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/general-insurance\/how-to-fit-life-insurance-into-your-budget\" aria-label=\"Copy URL\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Why Should You Budget for Insurance?<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-why-should-you-budget-for-insurance\">Why Should You Budget for Insurance?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-where-does-insurance-fit-in-your-budget\">Where Does Insurance Fit In Your Budget?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-frequently-asked-questions-faqs-about-how-to-budget-for-insurance\">Frequently Asked Questions (FAQs) about How to Budget for Insurance<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner \" style=\"border-radius:0x\">\n<p>Most people all have times when they need to adjust their budgets and look for areas where they can trim spending, but which items can be removed or reduced? If you&#8217;re reviewing your budget, you might start to consider whether or not your insurance premiums are worth the cost. You may be asking yourself \u2014 are those monthly life, disability and renter&#8217;s insurance premiums really necessary?<\/p>\n\n\n\n<p>The truth is, your insurance premiums are in a different category than your other recurring monthly bills. That&#8217;s because they aren&#8217;t buying you a tangible item, like an iPhone, a meal from UberEats, or a service like Netflix or Spotify. Instead, your premiums are paying for insurance coverage that&#8217;s helping to protect your money \u2014 whether it&#8217;s your future income or the cost of replacing your possessions from the impact of unlikely, but financially devastating events. This is why you should think twice before dropping insurance coverage from your budget.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-should-you-budget-for-insurance\">Why Should You Budget for Insurance?<\/h2>\n\n\n\n<p>The protection insurance provides can be an important part of your overall financial plan and security. For example, if your family relies on your income to pay bills and save towards future goals, life would change dramatically if your income suddenly disappeared. That might be because you get badly injured or become very ill and can no longer work, or \u2014 in the worst-case scenario \u2014 if you pass away unexpectedly.<\/p>\n\n\n\n<p>So while it may seem like you aren&#8217;t \u201cgetting anything&#8221; in exchange for paying your monthly insurance premiums, what you are in fact doing is transferring the cost of a potential loss to your insurance company. This way, if an unforeseen event disrupts your life and threatens your finances, the payment from your insurance claim can help offset its effects.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-what-s-the-chance-you-ll-need-your-insurance-coverage\">What&#8217;s The Chance You&#8217;ll Need Your Insurance Coverage?<\/h3>\n\n\n\n<p>Incidents requiring insurance protection happen more often than one may think. For example, based on a report from the <a href=\"https:\/\/disabilitycanhappen.org\/disability-statistic\/\" target=\"_blank\" rel=\"noopener noreferrer\">Council for Disability Awareness<\/a>, the average 20-year-old has a greater than 25 per cent chance of becoming disabled before they retire. And the Canadian Red Cross says that <a href=\"https:\/\/www.redcross.ca\/how-we-help\/emergencies-and-disasters-in-canada\/types-of-emergencies\/home-fires\/home-fires-information-facts\" target=\"_blank\" rel=\"noopener noreferrer\">home fires are one of the most common emergencies faced by Canadians<\/a>.<\/p>\n\n\n\n<p>At times people may choose to manage the financial loss themselves, but that may not be a possible option. Insurance can help provide coverage in case of a sudden and unexpected loss, damage, illness, injury or death. While people don&#8217;t want to think about negative things happening to them, it&#8217;s important to ask yourself if you&#8217;re prepared to manage a loss financially if something does go wrong.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-where-does-insurance-fit-in-your-budget\">Where Does Insurance Fit In Your Budget?<\/h2>\n\n\n\n<p>Insurance is an important tool to have because it can help you mitigate a potential financial loss due to an unexpected event. Here are some steps to help you determine how insurance can continue to fit into your budget.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-1-identify-insurance-costs-in-your-budget\">Step 1: Identify insurance costs in your budget<\/h3>\n\n\n\n<p>Highlight every insurance premium separately when reviewing or <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/advice-learning\/life-insurance\/how-to-build-a-budget\/\">creating a budget<\/a>. This helps you see how much each type of insurance\u2014life, disability, renter\u2019s, auto\u2014contributes to your total monthly expenses and ensures you\u2019re not overlooking essential coverage.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Step 2: Review your coverage and identify savings<\/h3>\n\n\n\n<p>Write down the coverage amounts those premiums are paying for. You should be aware that there might be ways to trim the cost of your insurance, without cutting it out of your budget entirely.<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>For example, with <strong><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/health-insurance\/disability-insurance\/\" data-dig-id=\"LP-GeneralInsurance-9125-a348b8f9\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"disability insurance\" class=\"rbc-link-format\">disability insurance<\/a><\/strong>, you could increase the waiting period before your policy pays out if you become disabled, which may lower the cost of your monthly insurance payments.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>For<strong> <a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/life-insurance\/\" data-dig-id=\"LP-GeneralInsurance-9125-6fddfe73\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"life insurance\" class=\"rbc-link-format\">life insurance<\/a><\/strong>, you could check to see if you have the right amount of insurance \u2014 is there an opportunity to reduce the death benefit amount while still being covered for your family\u2019s needs?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>With <strong><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/home-insurance\/tenant-insurance\/\" data-dig-id=\"LP-GeneralInsurance-9125-42099462\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"renter\u2019s insurance\" class=\"rbc-link-format\">renter\u2019s insurance<\/a><\/strong> you control the dollar amount you are covered for and the deductible you choose to pay, should something happen.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>For <strong><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/auto-car-insurance\/\" data-dig-id=\"LP-GeneralInsurance-9125-0366510d\" data-dig-category=\"LP-GeneralInsurance\" data-dig-action=\"link click\" data-dig-label=\"car insurance\" class=\"rbc-link-format\">car insurance<\/a><\/strong>, with the exception of a leased or financed vehicle, you can choose whether you have coverage for loss or damage to your own vehicle or if you\u2019re only covered for the mandatory third-party liability.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Step 3: Adjust your budget to fit essential coverage<\/h3>\n\n\n\n<p>Prioritize which changes you are comfortable making based on what makes sense for your current situation. Remember you can always discuss this with a licensed insurance advisor and have them review your policy with you to see what changes can be made to help with your payment amounts.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><a><\/a>Keep Insurance as a Fixed Expense in Your Budget<\/h2>\n\n\n\n<p>All in all, insurance should be a part of the plans you make for your finances, beyond your day-to-day budget. That means you should understand what you&#8217;re getting in exchange for your monthly premium payments, and you should feel confident you have the coverage that&#8217;s right for you.<\/p>\n\n\n\n<p>An RBC Insurance advisor can help you understand what kinds and amounts of insurance are right for you \u2014 and how to fit them into your overall budget.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions-faqs-about-how-to-budget-for-insurance\">Frequently Asked Questions (FAQs) about How to Budget for Insurance<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>What should I include in my budget?<\/h3>\n\n\n\n<p>A balanced budget should cover your essential living costs, financial goals, and protection needs. Include housing, utilities, food, transportation, insurance, debt payments, savings, and discretionary spending.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>How much should you spend on insurance?<\/h3>\n\n\n\n<p>Many financial experts recommend allocating around 5\u201310% of your income to insurance, though the right amount depends on your lifestyle, family size, and existing coverage. For example, a single person may only need basic health and renter\u2019s insurance, while families often need higher life, disability, and property coverage. The key is to ensure your premiums fit your current income level without leaving major financial risks unprotected.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>Where should insurance appear in a budget?<\/h3>\n\n\n\n<p>Insurance should be listed under fixed monthly expenses, alongside rent or mortgage payments and utilities. Treating it as a non-negotiable item helps you maintain consistent protection even when adjusting other spending. When reviewing your budget, note each policy\u2019s cost and coverage level so you can identify potential savings, such as bundling policies or adjusting deductibles, without removing essential protection.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a><\/a>What percentage of budget is insurance?<\/h3>\n\n\n\n<p>Most financial experts suggest allocating between 5% and 10% of your total income to insurance. This includes health, life, home, auto, and other types of coverage. The exact percentage depends on your personal situation, such as income level, family size, and existing protection. Families with dependents or mortgages often need to budget closer to 10%, while single individuals with fewer obligations may spend less.<\/p>\n\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-insurance\">RBC Insurance<\/h2>\n\n\n\n<p class=\"has-text-align-center\">We make it easy to find expert advice, money-saving tips, and a range of insurance options for every moment of life.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button has-custom-font-size aligncenter btn is-style-primary primary has-text-lg-font-size\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/personal\/\" rel=\"noreferrer noopener\" data-dig-id=\"LP-11775-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Learn More-https:\/\/silver.rbcinsurance.com\/en-ca\/personal\/ \">Learn More<\/a><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-HomeInsurance-14506-2de7ba0a\" data-dig-category=\"LP-HomeInsurance\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-414b139d-6db3-4d5c-ae5d-e57aeb67e786 {\n\t\theight: 30px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-414b139d-6db3-4d5c-ae5d-e57aeb67e786 {\n\t\t\theight: 15px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-414b139d-6db3-4d5c-ae5d-e57aeb67e786\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Smart budgeting includes reviewing  monthly expenses and reducing unnecessary items. Here&#8217;s how you can help insurance fit into your budget.<\/p>\n","protected":false},"author":128,"featured_media":31476,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[44],"tags":[20,19,30,9,13,4,21],"article-type":[80],"ppma_author":[179],"class_list":["post-9125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-insurance","tag-car-insurance","tag-disability-insurance","tag-financial-planning","tag-health-insurance","tag-home-insurance","tag-life-insurance","tag-managing-money","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How To Fit Insurance Into Your Budget | RBC Insurance<\/title>\n<meta name=\"description\" content=\"Learn how to budget for life insurance and other coverage. 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