q Life Insurance Calculator. It’s just 4 simple steps.

Life Insurance Calculator

How much cover do you need?

This calculator can help you estimate the amount of life insurance cover you may need, in the event of your death, your Total and Permanent Disablement or if you were to suffer a defined Trauma event, to enable you and/or your family to pay out existing debts and have funds to provide for ongoing living costs.

Remember as you fill out this calculator, it represents a snapshot of your current financial situation and does not take into account future increased borrowings, increases in cost of living and other life stage changes – such as house purchase, new baby, empty-nester. You should regularly review your financial situation, at least annually or whenever there is a major change in your life, to ensure your life insurance cover is adequate to your needs.

Future personal living expenses and income

Amount

Rent or mortgage payments

Do not include an amount for monthly mortgage repayments if you intend to include a lump sum to pay out your mortgage in step 2.

$ per mth

Regular bills

eg rates, utilities, home & car insurance, health insurance, credit cards

$ per mth

Day to day living costs

eg groceries, vehicle costs, public transport costs

$ per mth

Child care or school/uni fees

$ per mth

Other costs

eg clothes, grooming, entertainment, dinners out, holidays

$ per mth

Ongoing income

eg spouse/partner's income, investment earnings

$ per mth

Monthly costs – ongoing income

$ per mth

Annual income shortfall

$ per yr

How many years do you want to provide this income?

years

Total amount to cover future personal living expense

$

Debts to be paid out

Total debt

Mortgage

$

Car loans

$

Other loans

eg personal loans and credit cards

$

Lump sum required to clear debts

$

Available funds

Current superannuation & life insurance

$

Cash on hand

$

Saleable assets

eg investment property – do not include these assets if they are included in your ongoing income section in step 1

$

Total available funds

$

Required cover

Future personal living expenses

$

Debts to be paid out

$

Available funds

$

Amount of cover you may need

$