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Family Life Insurance Calculator

Plan ahead with our Family Life Insurance Calculator, designed for couples who want a clearer picture of their protection needs. It assesses Life, Trauma and TPD cover for both partners, factors in existing policies and super benefits, and highlights any shortfalls with detailed recommendations and easy-to-read visual insights.

Family Life Insurance Calculator
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Step 1 of 7

Household snapshot

Start with the family structure, debt position, asset base, and the broad planning horizon.

Family structure Debts and assets Dependants and education
Cash, offset, shares, savings available to support the family.
Amount the family wants to leave untouched.
Recommendation logic uses a practical capital-needs approach: debt clearance, final expenses, education funding, income replacement, care costs, and offsets for existing cover and usable assets.

Husband details

Enter income, work status, retirement horizon, and likely dependency on his contribution.

How much of his income is actually relied upon by the family.
Buffer for counselling, time off work, legal/admin, family transition.

Wife details

Enter the wife’s income, family contribution, and likely support needs if she were absent.

Existing personal insurance policies

Capture any cover already held outside super, so only the likely gap is recommended.

Husband existing retail / direct / adviser-placed cover
Wife existing retail / direct / adviser-placed cover

Superannuation and insured benefits in super

Super balances can support survivor or disability funding, and insured death / TPD inside super may reduce the shortfall.

Husband super position
Allowance for tax, access limits, or discounting.
Wife super position

Trauma and TPD funding assumptions

These assumptions drive the non-death recommendations and make the output easier to defend and explain.

Percentage of household debt to extinguish after a major illness.
Share of current gross income to replace until retirement.
Only a portion of liquid assets may be appropriate to offset against disability need.
Life cover approach Debt clearance + final expenses + education + capitalised income shortfall + care needs - existing resources.
Trauma approach Immediate treatment and recovery funding + temporary income replacement + debt relief + support services.
TPD approach Long-term disability funding + debt relief + care/modifications + income replacement to retirement.

Review and calculate

Click calculate to produce a detailed recommendation, coverage gap analysis, and charts.

The final calculation also creates a JSON payload of all fact-find data and outcomes. It is stored in a hidden field and in JavaScript memory, but is not displayed on screen.

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Knowledgebase
Depreciation:
The reduction in the value of an asset over time, used in insurance to calculate the actual cash value of property.