Life insurance calculator

With our free life insurance calculator, you’ll be asked a few basic questions about your life insurance needs. With this information, we’ll be able to provide an estimate for how much life insurance cover you may want to consider for term life insurance, trauma cover and total and permanent disability cover.

From there, you have the option to compare life insurance quotes for that level of cover from our range of trusted insurers. If you already have an idea of how much cover you want, you can skip straight to our free-to-use life insurance comparison tool.

To get an estimate of how much life insurance may be appropriate for you, our calculator will ask you:

1. How old you are.
2. If you have a partner or are in a relationship.
3. If you have dependent children.
4. If you own your home, and if so, whether you have a home loan and how much you owe.
5. If you have any other debts, such as credit cards, car loans or personal loans.

In addition to the factors that our life insurance calculator considers, there are a few other factors that may be considered that could affect the life insurance cover amount you want, including:

• Superannuation. The amount of money you have saved in super may affect the amount of cover being applied for. Alternatively, if you haven’t saved much or you’ve had to withdraw your super for any reason you might want to consider a more comprehensive life insurance policy.
• Living expenses. Your lifestyle and where you and your loved ones live may affect the level of cover that’s appropriate for you to maintain living expenses.
• Savings. How much you have in savings and assets can influence the life insurance cover amount you want. If you’re concerned your savings won’t be enough to look after your family or you have debts, you may want to consider more comprehensive cover.

Typically, the higher your level of cover, the higher your premiums. However, there are several other factors that are considered during the underwriting process that also influence life insurance premiums in Australia, including:

• Occupation. Dangerous occupations could increase your total insurance costs.
• Hobbies. Certain hobbies, for example, if you’re a cave diver in your free time, may result in you paying a higher premium or have an exclusion for claims relating to your hobby.
• Health conditions or health status. Health status could affect your costs and eligibility for cover (for example, if you have a pre-existing medical condition).
• Smoking status. Non-smokers may get cheaper life insurance premiums than people who do smoke.

Disclaimer: The information provided here is general only and does not consider your personal objectives, financial situation or needs, and is not a substitute for financial advice. Before you decide to purchase a product, it’s important to read the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD).