Life Insurance Calculator

Estimate your life insurance needs with our Life Insurance Calculator. Work out the right level of cover to protect your family and secure their financial future.

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	Final Expenses			The expenses listed in this category represent amounts that your beneficiaries would generally require in the form of a lump sum.
	Funeral Expenses			Please provide an estimate amount to set aside to cover funeral expenses. This expense is, of course, very subjective to both the wishes and tastes of your family and any provisions you yourself may have made prior to dying.
	Medical Expenses			Depending on your health insurance arrangements, it is a good idea to make some allowance for final emergency medical expenses.
	Mortgage			This figure should include the mortgage on your residence as well as any investment properties if applicable. Most monthly mortgage statements provide a payout figure which includes the remainder of the principal and interest due. If you have your statement handy, please enter the number below. If not, please estimate.
	Loans & Debts			This number should include all debts (outside of the mortgage) – credit cards, car loans, store credit, personal loans etc.
	Day to Day Expenses			Make an allowance to cover short-term needs for groceries, petrol, clothing and other everyday items for a few months while your family adjusts.
	Childrens' Education			Enter the total amount that you anticipate spending for educating all children over their lifetime.
	Taxes			This figure should include any tax liabilities that you may leave behind. Income taxes are also collected for income earned in the year of your death.
	Rainy Day Fund			Specify an amount to be set aside to handle unforeseen events, usually a few months’ income.

	Continued Standard of Living			Establish the lump sum needed to provide an ongoing income for your family after your death, beyond mortgages, loans, and education.
	Annual Income Required			Enter the ongoing annual income your family would need after your death. Even with debts cleared, everyday expenses continue.
	Years Income Required			The number of years you wish to provide that income (e.g. until youngest child becomes an adult or spouse reaches retirement age).
	Assumed Interest Rate			Estimate a conservative long-term rate of return your family might earn on the invested lump sum (avoid risky/speculative assumptions).

	Existing Arrangements			Here we account for existing financial arrangements that would apply on your death.
	Death Cover in Superannuation			Amount payable from your super on death (may include insurance plus accumulated savings).
	Other Life Insurance Cover			Total benefit payable from any/all life insurance policies on your death.
	Liquid Assets			Estimate what your estate could realise from items such as shares, investments, and savings accounts.
	Company and Other Benefits			Annual value of any government or employer-related payments your family would receive after your death.
	Income Producing Assets			Total value of non-liquid income-producing assets (e.g. real estate), whether or not they would be sold.

Result
				This calculation should be used as a guide only in calculating the amount of insurance that you will require. For a more detailed analysis we recommend that you consult a qualified financial adviser.

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Life Insurance Articles

Income Protection Insurance Explained: Ensure Your Livelihood in Times of Uncertainty

When life takes an unexpected turn, whether due to illness, injury, or other unforeseen events, the financial repercussions can be devastating. This is where income protection insurance becomes an essential component of maintaining financial stability. Income protection insurance acts as a safety net, ensuring that even in times of hardship, your financial obligations can be met, and your standard of living maintained. It provides peace of mind, knowing that your earnings are safeguarded should you become unable to work due to health reasons. - read more

Income Protection Insurance: A Lifeline for Self-Employed Aussies

Income protection insurance is a vital financial safety net designed to support individuals who find themselves unable to work due to illness or injury. It provides a replacement income stream, cushioning the financial blow when life throws unexpected challenges your way. For self-employed Australians, who don't enjoy the same benefits as salaried employees—like sick leave or employer-funded superannuation—income protection becomes even more essential. - read more

The Myth of Unaffordability: How to Find Value in Income Insurance Policies

Income protection insurance is often surrounded by the myth of being unaffordable, deterring many Australians from safeguarding their most valuable asset—their ability to earn. This introduction aims to address this misconception head on, revealing the real value that income insurance policies can provide. It is crucial to understand that the cost of such a policy pales in comparison to the potential financial hardship faced without one. - read more

How Income Protection Insurance Can Safeguard Your Financial Future

Income protection insurance is a type of insurance policy designed to replace a portion of your income if you are unable to work due to illness or injury. This financial safety net can help cover essential living expenses, such as mortgage repayments, utility bills, and daily costs, ensuring you maintain your standard of living during tough times. - read more

Breaking Down Common Income Protection Insurance Terms

Income protection insurance is designed to provide financial support if you're unable to work due to illness or injury. It aims to replace a portion of your income during such times, ensuring you can maintain your lifestyle and meet financial obligations. - read more

The Role of Health Insurance in Supporting Preventive Care

Preventive healthcare refers to measures taken to prevent diseases, rather than treating them after they occur. This includes actions like regular health screenings, vaccinations, and adopting healthy lifestyle practices. - read more

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Knowledgebase

Disability Insurance:
A type of insurance protection that pays a portion of a person's income lost due to a total or partial disablement arising from either an accident or a sickness.

Life Insurance Calculator

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