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Life insurance calculator

Work out how much cover you need quickly with our life insurance calculator.

How much life insurance you need Calculator
Life insurance brands Compare

Answer a few questions to figure out the exact amount of life insurance you'll need to pay off your debts, earnings, and everyday living expenses. We'll also get some information on your income, assets, and loans to calculate this.

Get started with the life insurance calculator

Answer a few questions about your assets, debts and cover to get an estimate on how much life insurance you might need

Do I need life insurance?

You really need life insurance before something happens. If you have a job, have others depending on you financially, or have any debts or loans, you need to think about taking out a policy. That way, you and your family are protected financially should something life-changing happen. In most cases, life insurance pays out a lump sum when you die or become terminally ill.

This money can help your family to sort out their finances and ensure they maintain the same quality of life you helped provide them with even after you're gone. The money they receive can cover funeral expenses, mortgage repayments, debts, and day to day costs.

How do I find the right cover for life insurance?

There are few different kinds of life insurance. To help you find the one that you need, here's what they do in a nutshell:

Life insurance

Life insurance

A large lump sum payment for your family (if they are the beneficiaries you list on your policy) if you die.

Income protection

Income protection insurance

Monthly salary replacement payments if you get sick or are in an accident and are forced to temporarily stop work.


Trauma cover

A lump sum payment for specific illnesses e.g. if you become critically or terminally ill.


Total & Permanent Disability (TPD)

A lump sum payment if you become permanently disabled and can't work again.

You don't need to remember the different types of insurance to use our calcular. Rather, our calculator asks, 'What are you looking for?' with answers such as 'a lump sum payment for your family if you die' and 'salary replacement if you get sick and can't work'.

How should I use a life insurance calculator?

A life insurance calculator is a really helpful guide. It gives you an idea of what you might need if something happens. It's worth noting that the estimate it provides should only be used as a general guide to help you receive a preliminary quote. Once you have received a preliminary quote, it is still worth speaking with an adviser to help you determine an appropriate amount of cover for your situation.

This is largely because, while it can provide a good estimate, it can't take into account every expense you have. Other factors, such as hospital or funeral expenses, might cost more where you live and need to be taken into account as well.

What are some of the key things I'll need to choose in a life insurance policy?

There are a few important things you'll need to consider when buying a life insurance policy. These include:

  • The type of insurance. There are four main types of insurance - life insurance (or death cover), income protection, TPD and trauma cover. You'll need to decide which ones matter to you.
  • Waiting periods. Insurance policies often have a waiting period. This is the amount of time you will need to wait after buying a policy before you can receive a payout. Depending on your policy, the waiting period could be between 2 and 104 weeks.
  • Length of cover. You will also need to choose how long you want cover for. Some policies will cover you up to the age of 100, some have no expiry age as long as premiums are paid and others stop at 80.
  • Payment type. You will need to decide how you would like to pay. Some allow you to pay annually for less. Otherwise you can usually pay your premiums monthly.

Can a life insurance calculator help if I'm over 70?

If your children are grown up and financially independent, that can definitely ease the financial pressure on you. However, that doesn't mean you won't have other payments to consider like your house, car and other debts you might have. A calculator can give you an idea of the money you will need to ensure that's all taken care of when you're gone.

How much does life insurance cost in Australia?

Your life insurance premiums will differ depending on a number of factors including:

  • How old you are
  • Whether you are male or female
  • Whether or not you smoke
  • Certain pre-existing medical conditions
  • The policy that you choose and premium structure

To have a good idea of costs, read our life insurance cost page.

Top picks for life insurance in Australia

Top pick:
NobleOak Life Insurance
Finder Award
  • $25 million sum insured
  • 1st place in Finder Awards: 8.45 final score
  • Fully underwritten policy
  • Cheapest average policy price
Top pick:
TAL Accelerated Protection Life Insurance
Finder AwardBonus
  • Pays up to $5 million in TPD
  • 2nd place in Finder Awards
  • Interim accident cover
  • $25,000 funeral advancement
Top pick:
RAC Life Insurance
  • Pays up to $25 million
  • 3rd place in Finder Awards
  • TPD and trauma options
  • $15,000 funeral advancement

Compare more life insurance options

Name Product Maximum Cover Maximum Entry Age Terminal Illness Benefit Claims Acceptance Rate Average Claim Time Sum Insured
NobleOak Life Insurance
1.1 months
$24,483 million
Our verdict: Finder Life Insurance Award winner for the last 5 years in a row. Good value for money, simple application process and a high claims acceptance rate.

⭐ Current offer: Get one month free for a limited time - apply by 21 December 2023. Offer T&Cs on insurer website apply.
TAL Accelerated Protection Life Insurance
No set limit
Not stated
Data not available
1 months
$249,285 million
Our verdict: One of Australia's leading life insurers. Automatically includes child critical illness cover. Plus, it comes with a level premium option (e.g. costs remain similar as you get older).

⭐ Current offer: Get up to 15% off your TAL Life, Trauma or TPD insurance policy for life - if you have a Body Mass Index (BMI) between 19 and 28 at the time of your application. Offer T&Cs on insurer website apply.
Medibank Life Insurance
Data not available
Data not available
Data not available
Our verdict: Medibank offers a higher payout limit ($2.5 million) than 15 other providers. Get a 10% discount if you're already a Medibank Health Insurance member.
ahm Life Insurance
Data not available
Data not available
Data not available
Our verdict: ahm offers a simple application process. You can be approved online or over the phone. There are no medical or blood tests required.
HCF Life Protect Insurance
Data not available
Data not available
Data not available
Our verdict: Similar cover to other insurers ($1.5 million). A good discount for HCF members of 10% and an easy initial quote process.

⭐ Current offer: Eligible HCF Members receive 10% premium discount and HCF Thank You rewards.
RAC Life Insurance
1.1 months
$24,483 million
Our verdict: RAC’s maximum death cover limit of $25 million is one of the highest limits you’ll find, including $5 million in TPD insurance. You can get an online quote, but you’ll need to call RAC to get trauma cover. Benefit from added peace of mind with fully underwritten insurance.

Real Family Life Cover
2.4 months
$53,238 million
Our verdict: The application is simple; it can be done with 1 phone call and there are no medical exams. But households with larger debts may need more than a $1 million payout.

⭐ Current offer: Get back 10% of the premiums you’ve paid after 1 year.

Why compare life insurance with Finder?

  • You pay the same price as buying directly from the life insurer.

  • We're not owned by an insurer (unlike other comparison sites).

  • We've done 100+ hours of policy research to help you understand what you're comparing.

Need help? Get a callback from an advisor

Enter your details and one of our partner brokers will call you. They will discuss your quote, options and available products. Not available to those over 75 years old.

Do you smoke?

An adviser can help you find cover from trusted life insurance brands.

  • Get competitive quotes from multiple brands
  • Lower rate of declined claims (according to ASIC)
  • Save time and effort

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Why you can trust Finder's life insurance experts


We're free

You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
expert advice

We're experts

Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.

We're independent

Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.

We're here to help

Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.

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