Insurance helps to protect you, your family and your lifestyle if something happens to take away your earning power.
The Insurance needs calculator will use some personal details and some financial details to help you work out how much death, total and permanent disablement (TPD) and income protection insurance you may need.
The data you provide within this Insurance needs calculator will be used solely for the purpose of producing the calculated cover and will not be used for any other purpose.
Tell us about yourself and your dependants.
Fields marked * are required
As you have reached age , you are not
eligible to take out cover. This section of
the calculator will not be displayed.
If you have a dependent spouse or partner, income support for them also
ceases at age by default. You can adjust this age using the
notes and assumptions link above.
Tell us about your financial position.
Please press calculate above.
That's $600,000 more than your
current cover of $400,000.
Death cover provides a lump sum amount if you pass away. The lump sum helps protect your loved ones. You may be able to access your death benefit if you are diagnosed with a terminal illness.
Total and Permanent Disablement (TPD) cover can provide a lump sum amount if you were to ever suffer a serious injury or illness that means you can't work again. The lump sum amount can help to pay any debts or bills, other expenses such as medical expenses and to invest to provide an ongoing income.
Income protection provides you with a regular income while you are unable to work due to illness or injury.
You are projected to need $1,000,000 Death cover insurance.
That's $600,000 more than your current cover of $400,000.
Note: the amount of cover selected exceeds the maximum amount of cover available.
The maximum cover available is shown above. The components of cover have been scaled to add to the reduced
Note: the minimum Death cover required to provide the selected level of TPD cover is
shown above. This is greater than the amount of cover selected. The components of cover have been scaled to
add to the increased total.
*Your selected income protection cover will provide some of the selected income. You need this amount to top up your income protection cover.
You are projected to need $1,000,000 TPD cover insurance.
You are projected to need $1,000,000 Income protection insurance.
You can change the values of these important assumptions and see the effect on your insurance needs.
The following assumptions have been made when making these calculations. You can change the values indicated with an asterisk * (the default values are shown below).
The "calculated" levels of Death and TPD covers provide for:
The total calculated cover is the sum of the above components. As these types of cover provide a lump sum payment, the "calculated" cover, where applicable, includes a lump sum equal to the present value of future income for spouse and children, as described below. The calculated levels of these components are determined for you as set out below.
The levels of debt repayment are initially set to the amount by which the debts you have included in the calculator exceed the assets you have included in the calculator. You can override these values using sliders on the Calculated Cover page. In the event of the total of cash, investment properties and shares exceeding total debts, it is assumed that the remaining assets are to be retained and not offset against insurance needs.
The levels of cover for Life or TPD Expenses are initially set to * for Life and * for TPD. You can override these values using the sliders on the Calculated Cover page.
Cover for future income for your spouse or partner (or for you on TPD if you have selected not to provide cover for a spouse) is calculated as the amount needed to fund an annual income equal to the amount selected using the sliders on the Calculated Cover page (and increasing by * per year), up to your th* birthday.
The initial level of income is calculated as * of your income (as entered by you on the Personal Details page).
It is assumed that the insurance amount will be invested and will earn an investment return of * p.a. after tax in future years. Future income is assumed to grow at p.a.*
Cover for future expenses for each dependent child (aged less than *) is defaulted to be the amount needed to fund the ongoing expenses up until the child turns 21*.
The initial level of expenses are calculated as * of your income (as entered by you on the Personal Details page) for each child) which increases by * per year up to age 21*. No additional allowance is made for more than 5 children.
The age of each child is assumed to be * years older than the next youngest, but capped at age 21.
It is assumed that the insurance amount will be invested and will earn an investment return of * p.a. after tax in future years. Future income is assumed to grow at * p.a.
This tool is intended to provide broad guidance on the level of insurance cover required to meet debt obligations and replace a portion of income in the event of death and TPD or temporary disablement. The calculated cover is not a recommendation and is not intended to be an exact figure. It does not take all of your needs into account and does not constitute personal financial advice.
Death and TPD cover has been rounded to increments of $10,000.
Separate advice should be sought regarding the need for any other insurance such as Private Health Insurance.
All figures are gross of tax. No allowance is made for your particular tax circumstances or for the taxation of insurance benefits, either inside or outside superannuation. Generally, Death and TPD insurance benefits will be taxed at a lower rate than the income they are replacing. Please seek separate tax advice in relation to insurance benefits.
No allowance has been made for any social security benefits to which you may be or become entitled.
No assessment is carried out as to the availability of cover. Cover may not be available to some customers either for health reasons or due to their occupation.
You should consider obtaining advice from a licensed financial adviser before making any decision.
You should reassess your insurance needs regularly as your circumstances may change. Also, while the assumptions underlying this calculator are considered reasonable at the present time, these assumptions may be reviewed in future.
This calculator is intended to provide broad guidance on the level of insurance cover estimated to meet nominated debt obligations (but excludes the use of proceeds from the sale of any assets) and replace a portion of income in the event of death and TPD (total and permanent disablement). The calculated amount of cover is an estimate only and does not take all of your financial needs into account and is purely based on the information entered.
You should reassess your insurance needs regularly as your circumstances may change.
No assessment is carried out as to the availability of cover and this is not an offer of cover. Appropriate amounts and type of cover will be subject to the product issuer's eligibility criteria.
The calculator doesn't replace personal financial advice and you should seek advice from a licensed financial adviser before making any decision. We also recommend you read our Notes and assumptions.
You can now:
The Insurance needs calculator is not intended to be relied on for the purposes of making a decision in
relation to an insurance product and you should consider obtaining advice from a financial services licensee
before making any decision.
You can now seek financial advice on your insurance needs (click the 'Cancel' button below to end the current