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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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Knowledgebase
Whole Life Insurance:
A type of life insurance that provides coverage for the insured's entire lifetime, with a savings component that builds cash value.