Life insurance calculator

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

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Our free life insurance calculator estimates how much money you'll need to pay off your debts, earnings and everyday living expenses if something life-changing occurs to you.

All you need to do is answer a few multiple-choice questions to help us figure out what you're looking for. We'll also get some information on your income, assets, and loans to work out how much money you'll need to take care of everything.

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?

To state the obvious, you really need life insurance before something happens. That way, you and your family are protected financially should something life-changing occur. 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 standard of living you helped provide them with even after you're gone. The money they receive can cover funeral expenses, mortgage repayments, debts as well as the general costs of living. If you have a job, have others depending on you financially, or have any debts or loans, you need to think about getting life insurance.

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

Can a life insurance calculator tell me how much cover I need?

Life insurance is designed to help your family live in the same way financially as when you were alive. That means your life insurance lump sum payment needs to be large enough to pay for things like your mortgage, car loans, account debts as well as general daily expenses.

The life insurance calculator will ask you about these expenses and work out what you need for you. Remember to take into account any debts, assets or loans it has not asked you about as well.

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.

Get life insurance from these direct brands

Name Product Maximum cover Maximum Entry Age Fully Underwritten? Terminal Illness Benefit Optional Extras
NobleOak Life Insurance
TPD cover, Trauma cover
Get your one month free when you buy NobleOak Life Insurance policy. Offer ends 31 December 2021. T&C's apply.
Real Family Life Cover
TPD cover, Trauma cover
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
Medibank Life Insurance
TPD cover, Trauma cover
Medibank health members save 10% on premiums every year. T&Cs apply.
Zurich Ezicover Life Insurance
No optional
Get your first month free and a 10% discount by taking out a second life insurance policy (discount applies to the second policy). Customers who suffer a serious side effect from an approved COVID vaccination may be eligible for a $50,000 one-off payment. T&C’s apply.
ahm Life Insurance
TPD cover, Trauma cover
ahm Health members can save 10% off premiums.
RAC Life Insurance (Only available in Western Australia)
TPD cover, Trauma cover
When you purchase RAC Life Insurance, WA residents receive complimentary RAC membership which includes access to discounts on fuel, savings on shopping, entertainment and more. T&Cs at

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