Critical Illness Needs Calculator

Critical Illness Needs Calculator

Use this calculator to estimate the amount of coverage you would need to take care of your financial obligations in the event of a critical illness. Enter your monthly income plus any other expenses that you would want to be covered by your policy’s lump-sum benefit payment. Input whole numbers only in each field that applies to your specific situation. Do not enter commas, decimals or spaces.
Note: This calculator is intended to provide estimates only. Consult a licensed insurance advisor for a recommendation tailored to suit your critical illness insurance needs.

Monthly Income and Expenses Estimated Cost
Monthly Income
Loss of income from your job (Estimate a minimum of 6 months salary, but account for any disability coverage you have.) $
Loss of income from spouse’s job (Estimate a minimum of 3 months salary for your spouse to take a leave of absence.) $
Monthly Expenses
Mortgage or Rent (Estimate 6 months of payments.) $
Credit Card Payments (Estimate 6 months of payments.) $
Loan and Other Debts (Estimate 6 months of payments.) $
Recovery Expenses
Domestic Help (For example: housecleaning or childcare services. Estimate 3 days per week for 6 months at $22 per hour.) $
Pursue Alternative Medical Care (not covered by government health plans:Estimate once per week for 6 months at $400 per treatment) $
Medical Equipment (Estimate $5,000 minimum for a wheelchair or other equipment.) $
Home and/or Vehicle Modifications (Estimate $10,000 minimum for modifications such as wheelchair ramps, grab bars, etc.) $
Miscellaneous (For example: transportation to treatments, hospital parking, etc. Estimate $50 per week for 3 months.) $
Total Expenses




DISCLAIMER: This needs analysis is intended as a tool to assist you and is not meant to indicate the actual costs that may be incurred as a result of a critical illness. This is not a recommendation or opinion as to the amount of insurance you might require, but rather a basis for discussion between yourself and your advisor.

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