Planit:Critical Illness Calculator
|Learn by Watching!|
|Learn by Reading!|
The Critical Illness Calculator helps you to determine the total amount of critical illness insurance that the client will require. The Critical Illness Calculator illustrates the replacement of annual income for a specified number of years, plus any lump sum costs the client may experience such as exceptional health costs not covered by existing health insurance or government programs, possible costs to lifestyle changes and so on.
You can use this calculator as a stand alone calculator or you can pull data from an existing client. When you do this it will pull in information about your client like current age, current earned income and inflation rate. It will also pull in some defaults to provide you with a starting point. The defaults always vary from one deployment to another. An example of a default that the system uses is the After Tax Rate Of Return, which comes from the default rate listed on the Planning Assumptions screen. The Discount Rate is set by identifying an adjustment that is added to inflation. You can read more on the discount rate on the help page for Planning Assumptions
The lump sum costs is amount which will be needed amount to cover some of the costs. Here is a list of some common costs that are required:
After you have completed the entries for the Critical Illness Calculator you then can click on "Calculate" the results are displayed on the screen.