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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.

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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

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The world of farming is one filled with uncertainties. Weather conditions, market prices, and various other factors can create a highly volatile income stream for those within the agricultural sector. This unpredictability can lead to financial instability that impacts not only the farmers themselves but also their families and the larger rural community. - read more
Income Protection vs. Life Insurance: Why You Need Both Income Protection vs. Life Insurance: Why You Need Both
Insurance plays a crucial role in safeguarding our financial future. It serves as a safety net, ensuring that we can manage unexpected events without severely impacting our financial stability. For Australian adults, having the right types of insurance coverage is essential for peace of mind and financial security. - read more
How to Secure Your Financial Future: Dealing with Income Loss How to Secure Your Financial Future: Dealing with Income Loss
Experiencing an income loss due to illness or injury can be a daunting prospect for many Australians. The sudden drop in income can significantly impact your financial stability, affecting everything from daily expenses to long-term savings goals. - read more
Protecting Your Legacy: Estate Planning and Life Insurance for Australians Protecting Your Legacy: Estate Planning and Life Insurance for Australians
When thinking about the future, it's essential to have a comprehensive strategy that ensures the well-being of your loved ones and the security of your assets. Estate planning and life insurance are two critical pillars in safeguarding your family's financial stability. Despite the complexity often associated with these topics, understanding their importance and implementing them correctly can provide immense peace of mind. - read more

Insurance News

Australian Life Insurers Achieve Significant Underwriting Gains in Q4 2025 Australian Life Insurers Achieve Significant Underwriting Gains in Q4 2025
23 Mar 2026: Paige Estritori

The Australian life insurance sector has reported a substantial underwriting gain of $279 million for the December quarter of 2025, a significant improvement from the $36 million recorded in the same period the previous year. This data, released by the Australian Prudential Regulation Authority (APRA), highlights a notable turnaround in the industry's financial performance. - read more
Record Profits for Australian General Insurers in 2024 Record Profits for Australian General Insurers in 2024
23 Mar 2026: Paige Estritori

Australia's general insurance industry has reported an unprecedented after-tax profit of $6.1 billion for the year 2024, marking a significant milestone in the sector's financial performance. This figure is three times higher than the five-year average of $2 billion, according to KPMG's General Insurance Insights report. - read more
IAG Achieves 33% Increase in Insurance Profit Amid Lower Claims IAG Achieves 33% Increase in Insurance Profit Amid Lower Claims
23 Mar 2026: Paige Estritori

Insurance Australia Group (IAG), the country's largest insurer, has reported a 33% increase in its full-year insurance profit, reaching A$606 million for the 12 months ending June 2025. This significant growth is attributed to a combination of reduced claims expenses and strategic premium adjustments. - read more
Adore Beauty's Nationwide Expansion: Nine New Stores Opened Adore Beauty's Nationwide Expansion: Nine New Stores Opened
23 Mar 2026: Paige Estritori

Adore Beauty, a prominent name in Australia's online beauty retail sector, has significantly expanded its physical presence by opening nine new stores across the country. This strategic move marks a substantial shift from its digital-only model, aiming to provide customers with a more immersive shopping experience. - read more

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Exclusion:
Specific conditions or circumstances for which the insurance policy does not provide coverage.