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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