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Sun Life Critical illness insurance calculator print page

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Critical illness insurance calculator

March 8, 2016

YOUR CURRENT MONTHLY EXPENSES:

Mortgage/rent payments: $2,000
Other loans and debt payments: $250
Regular savings: $2,000
Utilities & Groceries: $500
Other living expenses: $500

ADDITIONAL EXPENSES DUE TO ILLNESS:

Health-care expenses: $10,000
Other illness-related expenses: $10,000

YOUR EXISTING INSURANCE:

Critical illness insurance coverage: $10,000
Monthly disability insurance payments: $10,000
Financial impact of a serious illness for 1 year:
$121,295
Did you know the older you get, the more likely you are to get seriously ill – and the more it will cost? In only 10 years, getting sick could cost you $161,181 with inflation — that's a $39,256 increase.

EXPLORE THE FINANCIAL IMPACT OF AN ILLNESS:

See what happens if it takes you more or less time to recover, or if you change your expected expenses.
Length of recovery: 1 year
Health-care expenses: $30,000
Other illness-related expenses: $35,000
If you were to become seriously ill today and need 12 months to recover, we calculate the impact on your finances would be $121,925.

But if you get sick in 10 years time with the same 12 month recovery, inflation would drive the financial impact up to $161,181.

Existing insurance coverage: $10,000


Extra funds needed today: $0


Extra funds needed in 10 years: $0

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

Assumptions:

  • This tool assumes your salary will rise by 3% per year.
  • This tool assumes 2% average inflation.
  • This tool assumes 4% average inflation for health-care costs.
  • 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.
  • 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.
www.sunlife.ca/criticalillnesscalculator