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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

The Impact of Health and Medical History on Insurance Premiums The Impact of Health and Medical History on Insurance Premiums
Life insurance is a critical component of a sound financial plan. It provides financial security and peace of mind to you and your loved ones, ensuring that they are taken care of in the event of your untimely death. - read more
Starting Out: How to Pick the Right Insurance As a Young Professional in Australia Starting Out: How to Pick the Right Insurance As a Young Professional in Australia
Welcome to the journey of safeguarding your future! As a young professional in Australia, you're likely juggling the demands of a burgeoning career with personal goals and financial responsibilities. Navigating the world of insurance is critical in creating a safety net around these aspirations. But why exactly is insurance a cornerstone for those entering the professional realm, and how do you discern which coverage best aligns with your unique pathway? - read more
Income Protection Insurance: A Must-Have for Australian Adults Income Protection Insurance: A Must-Have for Australian Adults
Insurance is a crucial component of financial planning. While many Australians understand the importance of life insurance, there's another vital type of coverage that often gets overlooked: income protection insurance. - read more
5 Common Misconceptions About Income Protection Insurance in Australia 5 Common Misconceptions About Income Protection Insurance in Australia
Income protection insurance is a vital safety net for many Australians, offering financial stability when unexpected circumstances like illness or injury occur. Despite its importance, there are numerous misconceptions surrounding this type of insurance, leading to confusion and inadequate coverage among consumers. - read more

Insurance News

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The National Truck Accident Research Centre (NTARC) has released its 2025 Major Incident Investigation Report, shedding light on the primary human factors contributing to significant truck crashes across Australia. The findings emphasise the critical roles of inattention, distraction, and inappropriate speed in these incidents, underscoring the necessity for targeted safety interventions within the transport industry. - read more
QBE and Sure Insurance Forge New Home Cover Partnership QBE and Sure Insurance Forge New Home Cover Partnership
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Blue Zebra Enhances Insurance Offerings with New Underwriting Partnerships Blue Zebra Enhances Insurance Offerings with New Underwriting Partnerships
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Underwriting agency Blue Zebra has recently announced the establishment of new capacity arrangements for its home building and contents, landlord, and small to medium-sized enterprise (SME) package products. This strategic move is set to enhance the agency's ability to offer comprehensive and competitive insurance solutions tailored to the evolving needs of Australian homeowners and business operators. - read more
AIG Australia Penalised for Claims Handling Failures AIG Australia Penalised for Claims Handling Failures
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The Insurance Code Governance Committee has imposed a $30,000 penalty on AIG Australia for breaching its obligations related to claims handling. The insurer failed to inform customers about delays in processing their claims and neglected to advise them of their right to escalate complaints to the ombudsman. This regulatory action underscores the critical importance of transparency and communication in the insurance claims process. - read more

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Income Insurance:
Insures your income in the event of you being unable to work due to sickness or accident.