Critical Illness Insurance Calculator

Scenario comparison table

Saved scenarios (this session)

Coverage sizing benchmarks

Many households set critical illness cover between 6 and 24 months of income. This calculator uses a buffer of 12 months plus 3 months per dependent, capped at 36 months. It then adds debt and fixed costs, and subtracts liquid savings. Example: income $60,000, two dependents, debt $15,000, savings $10,000 yields a recommended range around $92,000 to $138,000.

Premium sensitivity to risk inputs

Premiums are modeled from a base monthly rate per $1,000, then multiplied by factors. Age is the largest driver: a 35 year estimate uses an age factor near 1.00, while a 60 year estimate can exceed 2.60. Smoker status applies a 1.60 multiplier in this model, and BMI above 30 adds roughly 10% to 45% depending on band. Occupation risk ranges from 0.95 to 1.35.

Waiting period and term tradeoffs

Short waiting periods typically increase pricing because the insurer’s exposure begins sooner. Here, 0 days uses a 1.08 factor, 30 days uses 1.00, and 90 days uses 0.95. Policy term also matters: terms above 20 years add 6% to 12% in this estimator. If two quotes look close, extending term by 10 years can shift the total premium more than changing waiting by 30 days.

Inflation protection and riders

Inflation options help benefits keep pace with costs. A fixed 3% option adds about 10% to the modeled rate, while fixed 5% adds about 18%. Optional riders add smaller increments: hospital cash (+6%), premium waiver (+5%), and recovery support (+4%). Selecting all riders increases the modeled premium by roughly 15% before other factors.

Scenario comparison workflow

Use the history table to run 5 to 10 variations and compare monthly equivalents under one currency. Start with coverage at the recommendation midpoint, then test a higher deductible waiting period, and toggle inflation. The Plotly chart visualizes how premiums change as coverage scales from 50% to 150% of your chosen amount, supporting fast tradeoff decisions. Export PDF summaries for records, and revisit assumptions when life changes occur.

1) What does this calculator estimate?

It estimates a premium using a base rate per $1,000 multiplied by risk and feature factors. It also suggests a coverage range using income buffer, debt, fixed costs, and savings as inputs.

2) Is the premium an official insurer quote?

No. It is a simplified educational model. Actual pricing depends on underwriting, medical history, occupation class rules, exclusions, and product definitions used by each insurer.

3) How is BMI used in pricing here?

BMI is calculated from height and weight and mapped to a multiplier band. Higher BMI bands increase the modeled premium to reflect higher risk assumptions in this estimator.

4) Why does waiting period change the result?

Shorter waiting periods reduce the time before benefits could be payable, increasing modeled exposure. Longer waiting periods use a slightly lower factor, reducing the estimated premium.

5) What does inflation protection do?

It increases the modeled premium and assumes the benefit keeps rising annually. Choose it when you want coverage to better match rising treatment and living costs over time.

6) How do I export my scenarios?

Run the calculator a few times to populate the history table. Then click Download CSV or Download PDF in the results area to export the stored scenario rows.

Premium estimation model

This calculator estimates a monthly premium by starting with a base monthly rate per $1,000 of coverage, then multiplying by risk and feature factors.

The coverage recommendation estimates a buffer of income months, adds debt and fixed costs, then subtracts savings.

Steps for best results

1. Enter age, smoker status, height, and weight.
2. Set coverage, term, waiting period, and payment mode.
3. Select inflation protection and riders, if needed.
4. Click Calculate to view results above.
5. Run multiple scenarios and compare chart and history.
6. Use CSV or PDF export to save your report.