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Life Insurance Australia 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.

Calculator results are estimates only and not quotes. Actual quotes will be provided by licensed brokers after you submit an enquiry.

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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

The Savvy Consumer’s Guide to Purchasing Life Insurance in Australia
The Savvy Consumer’s Guide to Purchasing Life Insurance in Australia
As the landscape of finance and personal security evolves in Australia, the importance of being insured has never been more prominent. In a world of changing family dynamics, economic pressures, and higher living costs, life insurance stands as a bastion of support ensuring the well-being of loved ones in the event of unforeseen circumstances. - read more
Top 5 Reasons to Consider Life Insurance While You're Young
Top 5 Reasons to Consider Life Insurance While You're Young
When you’re young, life is all about new experiences and making plans for a promising future. While factors like travel, career, and relationships often take centre stage, one aspect often overlooked is life insurance. It might seem like something to consider later in life, but starting a policy while you're young can be a savvy financial move. - read more
Common Mistakes to Avoid When Comparing Life Insurance Policies
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Choosing the right life insurance policy is one of the most important decisions for Australians, especially for those who are middle-aged or older. Life insurance provides financial security for your loved ones in the event of your passing, ensuring that they are not burdened with financial hardships. - read more
The Digital Age of Insurance: Keeping Costs Down with Online Quotes
The Digital Age of Insurance: Keeping Costs Down with Online Quotes
The horizon of the insurance industry has undergone a transformative shift with the advent of digital technology. With a few clicks, consumers can navigate the once-complex world of insurance policies from the comfort of their home. The digital landscape for insurance services offers unprecedented access to information, comparisons, and instant communication, fostering a more empowered insurance client. - read more
Understanding Life Insurance: How to Determine Coverage Amounts
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Life insurance is a cornerstone of financial planning, offering peace of mind to you and security for your loved ones. It's a contract between you and an insurance company: in exchange for regular premiums, the insurer agrees to pay a sum of money to designated beneficiaries upon your passing. This vital tool ensures that your family's financial needs can be met during an incredibly difficult time. - read more

Insurance News

WFI Insurance and Rural Aid Join Forces to Assist Farmers in Crisis
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In a significant move to bolster support for Australia's agricultural sector, WFI Insurance has announced a formal partnership with Rural Aid, a leading rural relief charity. This collaboration is set to provide much-needed assistance to farmers and rural communities affected by recent natural disasters, including the devastating bushfires in Victoria and severe weather events in Queensland. - read more
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APRA's Findings: Stability in PI Claims and Decreasing Premiums
APRA's Findings: Stability in PI Claims and Decreasing Premiums
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The Australian Prudential Regulation Authority (APRA) has released its latest National Claims and Policies Database, providing valuable insights into the professional indemnity (PI) insurance sector for the 2022 underwriting year. The data indicates that PI claims payments for non-facility business remained relatively stable at $1.111 billion, a slight increase from $1.109 billion in the previous year. - read more
Upcover's New Insurance Solutions for Australian Nurses
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Sydney-based insurtech company Upcover has unveiled a new professional indemnity and public liability insurance product tailored specifically for nurses across Australia. This initiative aims to provide comprehensive coverage that meets the unique needs of nursing professionals, including nurse practitioners, in-patient nurses, doulas, and nursing students. - read more
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Knowledgebase
Term Life Insurance:
A form of life insurance that is a pure protection policy with no cash or maturity value which lasts for a specific length of time, called a term.