Life Insurance Online 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.

Calculator results are estimates only and not quotes. Actual quotes will be provided by licensed brokers after you submit an enquiry.

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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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How to use our Life Insurance Calculator

Our Life Insurance Calculator helps Australians estimate how much life cover they may need to protect their family’s lifestyle if they die. It works by adding up likely immediate costs and longer-term income needs, then subtracting resources your family may already have (such as cover inside super and savings). This matters because underinsuring can leave dependants with debt and cashflow stress, while overinsuring may increase premiums unnecessarily.

Before you start, gather recent figures for debts, superannuation, savings and any existing insurance. Use today’s balances where possible and round conservatively.

Step 1: Final Expenses (one-off lump sums)

1) Funeral expenses: enter an amount your family could realistically pay (include service, burial or cremation and related costs).

2) Medical expenses: allow for potential final medical or care gaps not covered by health insurance.

3) Mortgage: use your lender’s payout figure if available, including home and investment property loans.

4) Loans and debts: include credit cards, car finance, personal loans and any other liabilities.

5) Day-to-day expenses: set aside a short adjustment buffer (for example a few months of household costs).

6) Children’s education: total expected education costs you want funded.

7) Taxes: consider any likely tax liabilities for the year of death and other obligations.

8) Rainy day fund: add an emergency buffer for unexpected events.

Step 2: Continued Standard of Living (income replacement)

1) Annual income required: estimate the yearly income your family would need after debts are handled.

2) Years income required: choose how long to provide that income (for example until children are independent).

3) Assumed interest rate: use a conservative long-term return assumption, as higher rates reduce the lump sum needed.

Step 3: Existing arrangements (offsets)

1) Death cover in superannuation: include insurance and super savings payable on death.

2) Other life insurance cover: add total benefits from any existing policies.

3) Liquid assets: savings and investments that could be accessed relatively quickly.

4) Company and other benefits: enter the annual value of any ongoing government or employer payments your family may receive.

5) Income producing assets: include assets such as real estate that may provide income or be sold.

Step 4: Interpreting your result

Your result is an estimate of the life insurance cover amount that may bridge the gap between needs and existing resources. Treat it as a guide only: it does not consider your full objectives, financial situation or needs, and it does not account for product features, exclusions, waiting periods or underwriting. Consider reading relevant product disclosure information and, if needed, seek personal advice from a licensed adviser.