Critical Illness Insurance Needs Calculator

Critical Illness Insurance Needs

Critical illness insurance can help replace your income and cover expenses and debts if you become sick.

Expense Needs

How much is needed for expenses and healthcare costs?		Name	Name
Mortgage or rent:	Monthly amount	0	0	Mortgage/Rent Enter the monthly mortgage or rent payments that need to be paid during the illness.
	Number of months	0	0
	Subtotal	0	0

Other debt:	Monthly amount	0	0	Other Debt Enter car loan, credit card and line of credit payments that need to be paid during the illness.
(excluding mortgage)	Number of months	0	0
	Subtotal	0	0

Savings/Investments:	Monthly amount	0	0	Savings/Investments Enter the amount you want to continue to invest during an illness.
	Number of months	0	0
	Subtotal	0	0

Other living expenses	Monthly amount	0	0	Other Living Expenses Other Living Expenses: Include food, transportation, clothing, property taxes and utilities.
	Number of months	0	0
	Subtotal	0	0

Home care	Daily amount	0	0	Home Care Personal support workers cost about $200 per day ($25/hr) while Registered Practical Nurses cost about $400 per day ($50/hr).
	Days per month	0	0
	Number of months	0	0
	Subtotal	0	0

Nursing home	Monthly amount	0	0	Nursing home Monthly costs for a nursing home can range from $2,000 to $3,000 per month.
	Number of months	0	0
	Subtotal	0	0

Non-insured treatment		0	0	Non-Insured Treatment Include the cost of using a private clinic or US healthcare.
Medical equipment		0	0	Medical Equipment Include the cost of items like a wheelchair or a special bed.
Home renovations		0	0	Home Renovations Include costs such as ramps, lifts, widening doorways or refitting a bathroom.
Vehicle conversion		0	0	Vehicle Conversion Include the cost of adding wheelchair access to your vehicle.
Other		0	0
Other		0	0
Total Expense Needs		$0	$0

Income Needs

How much income needs to be replaced?		Name	Name
Monthly income lost	A	0	0	Monthly Income Lost Enter the amount of employment or other income you will lose because of the illness. Do not include income dedicated to mortgage, other debt and living expenses.
Monthly income sources	B	0	0	Monthly Income Sources Include monthly income from disability insurance plans or other sources such as rental income.
Net monthly income lost	(A-B)	0	0
Number of months		0	0
Total Income Need		$0	$0

Available Assets

How much do you have to offset expenses and loss of income?	Name	Name
Savings	0	0	Savings Amounts you have in cash, chequing accounts, savings accounts or other accounts.
Non-registered investments	0	0	Non-Registered Investments Amounts you have in mutual funds, stocks, bonds and annuities that aren't in your RRSP or TFSA.
Existing critical illness insurance	0	0	Existing Insurance Include existing criticial illness insurance plans and group plans.
Other	0	0
Other	0	0
Other	0	0
Total Available Assets	$0	$0

Your Critical Illness Insurance Need

How much insurance do you need?	Name	Name
Expense needs	0	0
Income needs	0	0
Total Expense & Income Needs	$0	$0
Less available assets	$0	$0
Critical Illness Insurance Need *	$0	$0
* A positive amount indicates an income need. A negative amount indicates an income surplus.

PDF

Disclaimer

Critical Illness Insurance Needs

Critical illness insurance provides funds to cover the costs associated with recovering from a life-altering illness.

You receive a tax-free lump sum payment if you meet the survival period requirement for a covered critical illness. You can use the money to replace your income, cover your mortgage and debts, supplement gaps in your employer's group plan, pay for private nursing, out-of-country treatment, medical equipment and other expenses.

Summary	Jack	Jill
Expense Needs
Income Needs
Total Expense & Income Needs
Less Available Assets
Critical illness insurance need

* A positive amount indicates an insurance need. A negative amount indicates an insurance surplus.

Disclaimer

Critical Illness Insurance Needs

Expense Needs			Name
Mortgage or rent:	Monthly amount		$1,000
	Number of months		4
	Subtotal		$0
Other debt:	Monthly amount		$1,000
	Number of months		4
	Subtotal		$0
Savings/investments:	Monthly amount		$1,000
	Number of months		4
	Subtotal		$0
Other living expenses:	Monthly amount		$1,000
	Number of months		4
	Subtotal		$0
Home care:	Daily amount		$1,000
	Days per month		4
	Number of months		4
	Subtotal		$0
Nursing home:	Monthly amount		$1,000
	Number of months		4
	Subtotal		$0
Non-insured treatment			$1,000
Medical equipment			$1,000
Home renovations			$1,000
Vehicle conversion			$1,000
Other			$1,000
Other			$1,000
Total Expense Needs			$0

Income Needs		Jack	Jill
Monthly income lost	A		$1,000
Monthly income sources	B		$1,000
Net monthly income lost	(A-B)		$1,000
Number of months			$1,000
Total Income Need			$0

Available Assets		Jack	Jill
Savings			$1,000
Non-registered investments			$1,000
Existing critical illness insurance			$1,000
Other			$1,000
Other			$1,000
Other			$1,000
Total Available Assets			$0