Life Insurance Australia :: Calculators
SHARE

Share this calculator!

Life Insurance Australia Life Insurance Calculator

Use this calculator to establish the amount of life insurance required to meet your financial objectives.

1 2 3 4

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 => Here you can make an allowance to cover the short-term needs of your family for groceries, petrol, clothing and other items which they consume as a matter of course for a period of a few months while they adjust to life without you.
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 the year of your death.
Rainy Day Fund => Here you can specify an amount to be set aside to handle unforeseen events, usually a few months` income.

Continued Standard of Living

 In this category, you will establish how much lump sum you will need to set aside in order to provide an ongoing income for your family after your death. Even with the mortgage, loans and education taken care of, your family will most likely still need a continuing income.
Annual Income Required => This figure should represent the ongoing annual income that you feel your family would need after your death.

Even if you have set aside funds to pay out the mortgage and other debts, your family will still have ongoing financial needs.
Years Income Required => This is the number of years for which you would like to provide the income specified above. This may be the number of years between now and when your youngest child reaches adulthood – or perhaps the time that your spouse reaches retirement age.
Assumed Interest Rate => This figure is the long‑term rate of return that you would expect your family to earn on the lump sum that you have left behind as an investment. You should be relatively conservative in estimating this interest rate because it is unlikely that your family would invest it in risky or speculative investments.

Existing Arrangements

 This category is where we take into account existing financial arrangements that would come into play on your death.
Death Cover in Superannuation => This is the amount that your retirement savings account will pay on the event of your death. This may or may not include a combination of insurance and retirement savings.
Other Life Insurance Cover => Here you should enter the total amount payable from any/all life insurance policies that would become payable on your death.
Liquid Assets => This should be your estimate of the money your estate would get for things that they would sell on your death including things like shares, investments and savings accounts that they might want to cash in.
Company and Other Benefits => This is where you can enter the annual value of any government or employer-related payments that your family would receive following your death.
Income Producing Assets => Enter the total value of any non-liquid income producing assets (e.g. real estate) – irrespective of whether it would be sold/realised on the event of your death.

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.

start your free life insurance quote comparison here

Share this calculator:


Life Insurance Articles

Life Events That Should Trigger a Life Insurance Review for Aussie Families Life Events That Should Trigger a Life Insurance Review for Aussie Families
Life insurance is a cornerstone of financial planning for Aussie families, offering protection and peace of mind. But what happens when the bustling flow of life brings changes? This is where a life insurance review comes into play. A life insurance review is a thorough analysis of your existing policy to ensure it aligns with your current life circumstances and financial goals. - read more
Understanding Life Insurance: How to Get the Best Online Quotes Understanding Life Insurance: How to Get the Best Online Quotes
The digital age has fundamentally transformed how we approach almost every aspect of our lives, including the way we shop for life insurance in Australia. Gone are the days when one had to schedule meetings with insurance agents or flip through pamphlets to understand life insurance policies. Today, obtaining life insurance quotes online has become the norm, offering a hassle-free and incredibly accessible platform for individuals to safeguard their financial future. - read more
A Millennial's Guide to Life Insurance A Millennial's Guide to Life Insurance
For many millennials, navigating the complexities of personal finance and future planning can feel like a bewildering journey. Among these financial responsibilities, life insurance emerges as a paramount consideration. More than just a safety net, life insurance can be the cornerstone of a sound financial strategy, providing peace of mind for both the policyholder and their loved ones. - read more
Understanding the Role of Life Insurance in Financial Security Understanding the Role of Life Insurance in Financial Security
Life insurance can seem complex at first, but understanding the basics can help demystify this important financial product. At its core, life insurance is a contract between you and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon your passing, in exchange for premium payments. - read more
How Life Insurance Provides Financial Security for Your Loved Ones How Life Insurance Provides Financial Security for Your Loved Ones
Life insurance is a crucial part of any comprehensive financial plan, providing peace of mind that your loved ones will be financially secure in the event of your passing. - read more

Insurance News

Reviving Australia's Troubled Insurance Industry: Opportunities and Challenges Reviving Australia's Troubled Insurance Industry: Opportunities and Challenges
30 Jul 2025: Paige Estritori

Australia's retail life insurance sector is facing significant challenges despite generating approximately $9.4 billion in annual premiums. Upon closer examination, it's evident that this industry is under strain. Growth is primarily driven by price increases rather than the addition of new clients, signalling concerns for long-term sustainability. New business growth hovers around 8-9% annually, not enough to adequately bolster the sector. - read more
NSW Government Warns of Financial Impact from Stall in Workers' Compensation Reform NSW Government Warns of Financial Impact from Stall in Workers' Compensation Reform
29 Jul 2025: Paige Estritori

The New South Wales government has issued a stark warning regarding potential financial consequences if proposed reforms to workplace mental injury laws are delayed further. As an upper house committee gathers to discuss these changes, Treasurer Daniel Mookhey highlights the urgency, stating that setbacks will result in increased premiums. - read more
AFCA Rejects Traveller's Insurer Claim for Alternative Flight Costs AFCA Rejects Traveller's Insurer Claim for Alternative Flight Costs
25 Jul 2025: Paige Estritori

An Australian travel insurance policyholder faced disappointment as the Australian Financial Complaints Authority (AFCA) denied their claim for reimbursement of costs incurred due to changing travel plans amid threats of a pilot strike. The traveller, who rearranged his flights from Sydney to Vancouver and subsequently to Toronto, had hoped his insurer, AIG Australia, would cover the $5,576 expenses for the rebooked flights and additional accommodation. - read more
Fee Models Emerge as Solution to Cyclone Insurance Affordability Concerns Fee Models Emerge as Solution to Cyclone Insurance Affordability Concerns
25 Jul 2025: Paige Estritori

The affordability of cyclone insurance in Australia’s high-risk zones remains a pressing issue, prompting some brokers to shift towards fee-based models. This change is highlighted in the latest annual review of the cyclone reinsurance pool from the Australian Competition and Consumer Commission (ACCC). - read more
Homeowner's Storm Damage Claim Denied; Faulty Construction Cited Homeowner's Storm Damage Claim Denied; Faulty Construction Cited
24 Jul 2025: Paige Estritori

A homeowner's attempt to secure a storm damage insurance payout has been thwarted after an investigation revealed that the damage was due to poor maintenance and faulty construction, rather than extreme weather conditions. The initial claim attributed the damage on the property's western wall and roof eaves to significant rainfall, citing a substantial 141mm in July, with a notable record of 43.6mm in a single day. - read more

Start Here !
life insurance
Apply now for your free Insurance assessment and price comparisons!

Start Here

Life Cover Amount:
Postcode:

All quotes are provided free and without obligation. We respect your privacy.

Knowledgebase
Umbrella Policy:
An additional insurance policy that provides extra liability coverage beyond the limits of the insured's primary policies.