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Critical Illness Insurance - How much do you need?

Critical Illness insurance provides you with the financial protection you need, when you need it most. Use this tool to help you determine the right amount of protection for your unique situation.

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Smoker Non-Smoker

What Do You Own?

Asset Type Present Value Sell In The Event of Critical Illness  

Total:

Not all assets can be liquidated quickly (i.e., home, business). If you require funds immediately, you may have to accept less than the actual value of the asset. Also consider tax implications when liquidating assets such as RRSPs. Seek professional tax advice before liquidating assets.

What Do You Owe?

Debt Type Current Balance Pay Off In The Event Of A Critical Illness  

Total:

If a debt is not paid off in the event of a critical illness, it should be included under Cover my current expenses under the CI Coverage tab . For example:

  • Mortgage Balance: $200,000
  • Monthly Mortgage Payment: $ 1,000

Cover my current expenses should include $12,000 to cover your annual mortgage payment.

What Do You Want Your Critical Illness Coverage To Do For You?

  Type Annual Amount(s) Years to Cover
Tip
Funds to cover current expenses should either be included here or under the Income Replacement tab, but not both.
Tip
The average cost of in-home care varies by province but can cost more than $40 per day. Source: www.homecareontario.ca
Tip
Child-care expenses vary by province and the child's age. It could cost between $700 to $1,100 per child per month. Source: canadianliving.com "How much does it cost to raise kids in Canada?"
Tip
Maid service costs between $80 to $200 per visit depending on whether laundry and meal preparation is included.
Tip
The average tuition for post-secondary education in Canada is $5,386 per year. Source: Statistics Canada

Total: $0.00

Income and Savings Replacement

Tip
Funds to cover current expenses should either be included here or under the CI Coverage tab, but not both.
(Total lump sum) Tip
Consider replacing a portion of your spouse's income so they can take a leave from work and provide support during your recovery (i.e. driving to and from doctor visits or treatments, assisting with in-home care, etc.)
Type Annual Amount(s) Years to Cover  

Total:

Savings Selected:



Print

Name:

Gender:

Smoker Status:

Age:

Income Replacement

My income
% of my income to replace
Number of years to replace my income
My Total Income Replacement
Replace Spouse's Loss of Income
Total Income Replacement Need

Debts to be Paid Off

Total Debt Payment Need    

Additional Expenses to Cover

Total Additional Expenses Need

Savings Replacement

Total Savings Replacement Need
Total Cash Needed

Assets to be Liquidated

Total Assets:    
Current Critical Illness Coverage    
Total Cash Available
Total Critical Illness Coverage Needed
Signature: Date: