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			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.

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Life Insurance Articles

Breaking Down Common Income Protection Insurance Terms

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Protecting Your Future: A Simple Approach to Life and Disability Insurance

Welcome to the crucial conversation about safeguarding your future through life and disability insurance. Many of us ponder the distant horizon of life's 'what ifs,' but are we truly prepared? The reality is that our financial security can be drastically affected by unforeseen events—a serious illness or a sudden disability that prevents us from working. That's where life and disability insurance come into play, serving as critical safety nets that can keep us afloat during tough times. - read more

Life After You: Planning Ahead With Quality Life Insurance for Your Family

Life insurance is a fundamental component of a robust financial plan, yet its significance is often underestimated. It serves as a safety net, ensuring that your loved ones are financially secure in the event of your absence. Understanding life insurance is the first step towards safeguarding your family’s future. - read more

Dispelling the Myths: Why Income Protection is More Accessible Than You Think

Income protection insurance serves as a financial safety net, designed to support individuals in the event that they are unable to work due to illness or injury. The significance of this type of insurance lies in its ability to provide a continuation of income during tough times, ensuring that one's financial responsibilities are taken care of. - read more

Insurance News

NM Insurance Secures Growth with Five-Year Zurich Partnership

05 Sep 2025: Paige Estritori

In a strategic move set to bolster its market position, NM Insurance has announced a five-year agreement with capacity provider Zurich, positioning itself for further growth and increased broker confidence in its success. Since its establishment two decades ago as Nautilus Marine Insurance Agency, NM Insurance has expanded its focus beyond the recreational boat market in Australia, branching into New Zealand and diversifying into the commercial marine, caravan, and motorcycle sectors. - read more

Empower Your Cyber Knowledge with CFC's Free Masterclass

03 Sep 2025: Paige Estritori

In an era where cyber threats are increasingly sophisticated, CFC Underwriting Limited has unveiled a unique opportunity for brokers to fortify their expertise through its newly launched Cyber Masterclass. This initiative offers a flexible, on-demand video learning series designed to advance brokers into proficient cyber insurance specialists at their convenience. - read more

NSW Revisits CTP and Lifetime Care Schemes

02 Sep 2025: Paige Estritori

New South Wales (NSW) is undertaking a detailed review of its Compulsory Third Party (CTP) insurance scheme as well as its lifetime care and support system. The Standing Committee on Law and Justice of the state's upper house has initiated this examination as part of their routine practice conducted every parliamentary term. The last thorough assessment took place in 2022. - read more

AFCA Upholds Insurer's Premium Increase Amid Consumer Complaint

01 Sep 2025: Paige Estritori

A recent decision by the Australian Financial Complaints Authority (AFCA) has ruled against a homeowner seeking an $18,000 refund from Allianz. The homeowner claimed that the insurer failed to adequately inform her about substantial increases in her optional flood cover premiums. Initially, her monthly payments surged from $369 to $1277 in August 2022, a change she only noticed in March of the following year through her bank statements. - read more

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Knowledgebase

Indemnity:
A legal principle that stipulates that insurance policies should restore the insured to the financial position they were in before the loss.

Life Insurance Calculator

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