Life Insurance Calculator

Find out how much life insurance you need.

Use our calculator to work out how much cover to put on your life insurance application. You'll also get recommendations on types of cover that you'll need.

The following calculation is an estimate based on your answers. There are limitations. You should always speak to an adviser to get a clearer understanding of your needs and the right mix of insurance for you.

Get a cost estimate

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.

life insurance needs

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:

Factor How it will influence how much I take out?
The total cost of a policy The 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 age If you take out life cover at a younger age you'll able to take out a larger amount of cover.
The type of cover If 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 spouse/partner
    • 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.

The calculator featured above uses a relatively simple equation to help you find an appropriate level of cover based on your annual income, total debts and children. It is 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.

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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.

What will impact my premium?

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?

  • Quit smoking - smoking can increase your premium by 100%!
  • Live a healthy life - health risks such as high blood pressure and obesity can impact what you pay
  • Pay your premium annually rather than monthly
  • 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.
Brand Future Insurability Feature When will this feature expire (Renewable date following)
AIA Yes Policyholders 55th birthday
AMP Elevate Yes Policyholders 55th birthday
Asteron Yes After policyholders 60th birthday
BT Yes Policyholders 55th birthday
Comminsure Yes "The cover expiry date or after the life insureds 45th birthday"
MLC Yes After policyholders 55th birthday
OnePath Yes Policyholders 55th birthday
TAL Accelerated Protection Yes Policyholders 55th birthday
Zurich Wealth Protection Yes After policyholders 54th birthday
ANZ Yes 60
Zurich Ezicover Yes Not stated
TAL Lifetime Protection Yes Policyholders 55th birthday
Woolworths Yes Not stated
American Express Yes Policyholders 54th birthday

Get cover from these direct brands

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Cooling-off
Expiry Age Short Description
Virgin Life Insurance - Tailored Cover
Choice of cover options and flexible premiums to suit your budget. No lock-in contracts and fast application.
AAMI Life Insurance
Get life cover up to $1 million.
NobleOak Life Insurance
Get a quote for up to $15 million in life insurance cover.
Real Family Life Cover
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™.
ahm Life Insurance
No expiry age as long as premiums are paid
Get life cover up to $1.5 million. Plus, ahm health members can save 10% off premiums.
Medibank Life Insurance
No expiry age as long as premiums are paid
Get a quote & you could win a $1,000 eftops Gift Card. Offer ends 19 January 2020. T&C's apply.
nib Value Life Insurance
Receive one month's premiums off every year if you pay annually upfront. T&C’s apply.
Zurich Ezicover Life Insurance
Receive a 10% discount on the second person when two applications are submitted at the same time, and both policies are issued.
Guardian Life Insurance
No expiry age as long as premiums are paid
Cover up to $1.5 million with Guardian Life Insurance.

Compare up to 4 providers

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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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