Critical illness insurance calculator

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  This tool assumes your salary will raise 3% per year.
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  This tool assumes 2% average inflation.
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  This tool assumes 4% average inflation for health-care costs.
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  The tool assumes a default value of $25,000 for health-care expenses, and $10,000 for other illness-related expenses in case of critical illness.
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  The results you received from this calculator is for your information only. The figures are not guaranteed, as they are based on assumptions that are certain to change.

This includes any existing critical illness insurance coverage that you have, including group critical illness insurance coverage through your employer or mortgage insurance.

This includes your current income plus any bonus or commission you would miss if you were seriously ill.

This is the amount you’d need to cover day-to-day expenses during your recovery, such as utility bills and groceries. Remember to take into account any disability benefits you may receive.

Do not include other monthly expenses such as mortgage payments, property taxes, savings contributions and other debt payments.

This includes monthly contributions to your tax-free savings account (TFSA), registered retirement savings plan (RRSP), registered education savings plan (RESP) or other savings accounts.

This is a catch-all for the rest of your other monthly expenses, such as life, car and home insurance, plus things like clothing, gifts and memberships.

This includes other loans and debts such as credit card debt, lines of credit, car loans and student loans.

It’s very important to factor in the effects of inflation when you’re thinking about how much critical illness insurance you may need. That’s especially true since the cost of health care is increasing faster than the overall cost of living.^*

Speak to an advisor to help you plan for the protection you need now and in the future.

This is how long it might take before you can return to work full time. This will depend on the illness you’ve been diagnosed with, your age and your preferences for returning to work.

Illnesses such as Parkinson’s disease and multiple sclerosis will likely affect your ability to work for the rest of your life. And while you may recover from other serious illnesses, such as a heart attack, you may not be able to return to work full time.

This is the lump sum amount of income your spouse or partner would lose if they want or need to take time off work to care for you as you recover from a serious illness. For example, if your spouse/partner took a month off to care for you, then this would be the amount of lost income for 1 month.

These are expenses not covered by your provincial health insurance or employer health benefits. They will vary according to the illness you are diagnosed with. Depending on your provincial and employer plans, health-care expenses could include items such as drug costs, private or semi-private hospital rooms, rehabilitation costs, deductibles, ambulance fees, in-home care and costs above coverage limits.

This includes mortgage or rent payments, as well as expenses such as property taxes and condo fees.

This could include travel for out-of-town treatment, home renovations for wheelchair accessibility and equipment such as hospital beds, as well as expenses for child care and housekeeping while you’re recovering. It could also include any income your spouse might lose by taking off time to look after you.

This includes the estimated monthly payment you would receive from your disability insurance coverage were you to become seriously ill and unable to work. This is usually a percentage of your current before tax income.

Leave this amount at zero if you do not have disability insurance coverage.

Sun Life offers two types of critical illness insurance products to meet your needs. You can buy Express Critical Illness Insurance online and Sun Critical Illness Insurance only with help from an advisor.

Be sure to compare critical illness insurance products so that you understand all of your options. If you’re not sure or have questions, speak with an advisor.