# Life Insurance Calculator

## Not sure what you need? Or how much cover to apply for? The life insurance calculator can help.

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Whether you're just getting started or ready to compare, figuring out how much cover you need can help you make the right choice. Use our free life insurance calculator to give you an estimate of how much you may need. We'll ask you about your earnings, expenses, assets and debts to figure this out.

### Life Insurance Calculator - How much cover do you need?

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

### Get cover from these direct brands

Name Product Maximum Cover Maximum Entry Age Minimum Sum Insured Expiry Age
\$15,000,000
69
\$50,000
99
Get 2 months free when joining combined cover. Offer ends in April 30, 2020. T&Cs apply.
\$1,000,000
64
\$100,000
No expiry age as long as premiums are paid
Get a refund of 10% of the premiums you've paid (in the first 12 months) with The Real Reward™ .
\$1,500,000
69
\$50,000
99
Get your first month free. T&Cs apply.
\$1,500,000
65
\$100,000
No expiry age as long as premiums are paid
10% discount for Medibank health members & go into the draw for \$1,000 Gift Card when you get a life insurance quote.
\$1,500,000
65
\$100,000
No expiry age as long as premiums are paid
ahm Health members can save 10% off premiums.
\$1,500,000
64
\$100,000
No expiry age as long as premiums are paid

### Case study: Why do I need that amount of cover?

The calculator above lets you enter details about your current and future cover requirements to help you estimate an adequate level of cover. The example below shows why someone would be recommended \$700,000 in cover.

### What other factors will influence how much cover I take out?

Some of the main factors that will influence the amount of cover you take out include:

FactorHow it will influence how much I take out?
The total cost of a policyThe more cover you take out, the greater the total cost of a policy. If the total cost is too expensive, it may limit the amount of cover you take out.
Your ageIf you take out life cover at a younger age you'll able to take out a larger amount of cover.
The type of coverIf you package your life insurance with trauma, you may take out a grater sum.

### Find out if you already have life cover in your super

A death benefit from your super fund can be paid to your dependents, such as:

• Your children under 18 years of age
• Any person who is in an interdependent relationship with you (as the fund member)
• Any person who is financially dependent on you at the time of your death
• The total available assets that you and your family own.

Add the two together and deduct from the total expenses your family will need to cover and the difference can represent the amount of life insurance coverage that you may need to provide for your family in the event of your death.

### How do I calculate what my premium will be?

Once you have received an estimate for the amount of cover to take out, you can submit your details in the form to have an insurer call you to discuss different cover options and provide you with a quote for cover?

Why can't I get an estimate for how much I will pay straight away?

Life insurance is an extremely complex product and an insurer will need to get some more details about your personal situation before they can provide you with an accurate quote.

There are a number of factors that will impact what you pay for cover 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

How can I reduce my premium?

• Live a healthy life - health risks such as high blood pressure and obesity can impact what you pay
• Bundle different types of cover together rather than buying separately
• Take out cover with your partner to receive a multi-policy discount
• Fund your cover through superannuation

### Can I increase my cover later on?

There are multiple reasons why you may want to increase your life insurance cover. Your personal circumstances may have changed (eg you get married, have a child, suffer an illness, etc), or you may simply decide that the benefit amount is not enough to keep pace with the cost of living. Whatever the reason, if you do decide to increase your cover, there are several ways you can do this:

• Applying to increase your benefit amount. You can also apply to your insurer to have your benefit increased, but you may have to undergo another assessment of your health and circumstances.
• Automatic CPI Indexation. Every year at renewal time, your insurer will offer to increase your cover to keep pace with the Consumer Price Index (usually around 5%). Choosing to accept this offer will at least ensure your benefit amount keeps up with inflation.
• Guaranteed Future Insurability benefit. If your policy includes this benefit, then you will be able to increase your cover under certain conditions, without the need for a medical reassessment.
BrandFuture Insurability FeatureWhen will this feature expire (Renewable date following)
AIAYesPolicyholders 55th birthday
AMP ElevateYesPolicyholders 55th birthday
AsteronYesAfter policyholders 60th birthday
BTYesPolicyholders 55th birthday
ComminsureYes"The cover expiry date or after the life insureds 45th birthday"
MLCYesAfter policyholders 55th birthday
OnePathYesPolicyholders 55th birthday
TAL Accelerated ProtectionYesPolicyholders 55th birthday
Zurich Wealth ProtectionYesAfter policyholders 54th birthday
ANZYes60
Zurich EzicoverYesNot stated
WoolworthsYesNot stated
American ExpressYesPolicyholders 54th birthday

## Compare life insurance cover

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##### Date of Birth
Coverage is the amount of money that you will be paid in the event of a claim. An insurance consultant can help you determine an appropriate amount. Calculator
Provides a lump sum payment if you become totally and permanently disabled and are unable to return to work.
Provides a lump sum payment if you suffer a serious medical condition. Cover can be taken out for 40-60 medical conditions depending on the policy you choose.

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