The system requirements for Sims 4 have not yet been confirmed; however you'll most likely be able to run Sims 4 on high graphical settings no problem. Sims always create their games with low end systems in mind, hence running at mid-high graphical settings on your laptop should be no problem.
Your laptop is not the most powerful system out there, but you'll still be able to run games on it. However you may not be able to run "modern" games, such as Watch Dogs or other graphical/system demanding games. Even so, you may not be able to run modern games at the highest graphical setting either.
Regardless your system is not terrible; for a laptop in fact, it's not bad from my opinion. As stated earlier, Sims 4 at mid to high graphical setting should be no problem; of course I cannot guarantee anything, as the requirements have not yet been confirmed by EA. You should also be able to play future expansion packs for Sims no problem either.
If your i5 is the i5-3427U, then embarrassingly on my behalf, it's better than my current desktop Pentium G840 and I can play GTA IV, CoD, Mass Effect 3, NFS: MW (2012) no problem (although my GPU does most of the work.)
All the best.