Critical Illness Needs Calculator

Critical Illness Needs CalculatorThis calculator will help you 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. Consult a licensed insurance advisor for a recommendation tailored to suit your critical illness insurance needs.

Monthly Income and Expenses Estimation
MONTHLY INCOME
1

Loss of income from your job:

(estimate a minimum of 6 months salary, but account for any disability coverage you have.)

$
2

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
3

Mortgage or Rent:

(Estimate 6 months of payments including ultilities, strata fees, property taxes, etc.)

$
41

Credit Card Payments:

(if applicable, estimate 6 months of payments to service outstanding credit card debts.)

$
5

Loan and Other Debts:

(if applicable, add in 6 months of payments to service car loans, students loans, lines of credit, etc.)

$
RECOVERY EXPENSES
6

Domestic Help:

For example: housecleaning or childcare services. Estimate 3 days per week for 6 months at $22 per hour.)

$
7

Pursue Alternative Medical Care:

(not covered by government health plans:Estimate once per week for 6 months at $400 per treatment)

$
8

Medical Equipment:

(Estimate $5,000 minimum for a wheelchair or other equipment.)

$
9

Home and/or Vehicle Modifications:

(Estimate $10,000 minimum for modifications such as wheelchair ramps, grab bars, etc.)

$
10

Miscellaneous Expenses:

(For example: transportation to treatments, hospital parking, etc. Estimate $50 per week for 3 months.)

$


DISCLAIMER: This needs analysis tool 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. The administrator and owner of this website take no responsibility for any financial decisions made based upon the use of this calculator. Copyright© 2017 saviifinancial.com

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