What are these calculations based on?
The calculator is based on historical data for subsets of the population and is therefore intended only as a rough guide. Data used to calculate the probability of each life event is as follows:
Being unable to work due to long-term sickness
These probabilities are based on IP11 income protection tables published by the Institute and Faculty of Actuaries.
Being diagnosed with a critical illness
These probabilities are based on the AC16 diagnosis rate tables for accelerated critical illness policies, published by the Institute and Faculty of Actuaries. It is important to note that accelerated critical illness policies provide a benefit payment on diagnosis of a critical illness as well as on death. As a result, they provide a slightly higher probability than if only a diagnosis of a critical illness was being considered.
Death
The probabilities for dying are based on the 16 series mortality base tables for assured lives, published by the Institute and Faculty of Actuaries. These industry rates are based on the experience of people who own insurance policies.