Critical illness insurance - How much do I need?


The amount of coverage you need depends on many factors including your financial obligations, business needs, income, savings, dependants, and the effects of the critical illness you may suffer.

You can use this worksheet to help you decide how much coverage you may need.

You can also look at these scenarios, which show how both individuals and families could be affected by a critical illness.

If I suffered a critical illness, I would like
to use the benefit to: 		Estimated funds needed
  • pay down my debts (mortgage, car loan, credit cards)
    		•  $
  • cover business expenses (hire a replacement during recovery, meet other obligations)
    		•  $
  • top up my disability coverage (rule of thumb: difference between pre-disability income and disability benefit x 12 months)
    		•  $
  • pursue complementary or alternative medical care (most complementary or alternative care is not covered under provincial government plans)
    		• $
  • purchase rehabilitation, home care, homemaking or childcare services (your province may provide some services, depending on your condition and your province’s estimate of your needs. Across Canada, nursing services can cost anywhere from $22 to $42 per hour; personal support and homemaking services can run from $11 to $27 per hour)
    		•  $
  • purchase equipment or assistive devices (again, your province may fund a portion of the costs but an electric wheelchair or scooter can cost thousands of dollars)
    		•  $
  • modify my home or vehicle so I can continue to live independently (modification of home or vehicle can cost several thousand dollars, depending on the changes required. For example, widening doorways, lowering kitchen cupboards or installing a lift or ramp)
    		•  $
  • preserve my retirement savings (rule of thumb: monthly contributions x 12)
    		• $
  • preserve/provide an education fund for my child/children (rule of thumb: monthly contributions x 12)
    		• $
  • other
    		•  $
    Total estimate of funds needed: $

    We’ve done our best to cover every possible situation and type of service. We’ve gathered this information from reliable sources, but we can’t be certain that it is accurate or current.