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Insurance Needs Calculators

Find out how much life insurance and income protection you actually need — based on your income, debts, and family situation.

All Insurance Calculators

Life Insurance Needs

Calculate how much life cover your family needs to maintain their lifestyle if you were to pass away. Models income replacement, debt clearance, and future expenses.

Income Protection Gap

See the gap between your current income protection cover and the 70% of income insurers typically allow. Know if you're under-insured.

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Understanding Personal Insurance in Australia

Most Australians are significantly under-insured. Research consistently shows that the average Australian family would face serious financial hardship within three months if the primary income earner died or could no longer work. Yet insurance is one of the most commonly neglected areas of personal finance.

Types of Personal Insurance

  • Life Insurance (Death Cover): Pays a lump sum to your nominated beneficiaries if you die. Used to clear debts, replace lost income, and fund future expenses like children's education. Can be held inside or outside of super.
  • Income Protection: Pays up to 70% of your pre-disability income (monthly) if you can't work due to illness or injury. Typically has a waiting period of 30–90 days and a benefit period of 2 years, 5 years, or to age 65. Premiums are generally tax-deductible when held outside super.
  • Total and Permanent Disability (TPD): Pays a lump sum if you become permanently unable to work. Helps fund care, home modifications, and living expenses long-term.
  • Trauma / Critical Illness: Pays a lump sum on diagnosis of specified conditions (heart attack, cancer, stroke). Covers immediate treatment costs and lifestyle adjustments.

How Much Life Insurance Do You Need?

A common starting point is 10× your annual income, but this is a crude approximation. A proper needs analysis considers your outstanding debts (especially the mortgage), the number of years your income needs to be replaced, your partner's earning capacity, childcare and education costs, and any existing cover in super. Our Life Insurance Needs calculator takes all of these into account.

How Much Income Protection Do You Need?

Most income protection policies cover up to 70% of your pre-disability income. If you're already working and not insured, check how long your sick leave and emergency fund would last — for most people it's a matter of months. If you have existing income protection in your super fund, check the benefit period: many industry super policies pay for only 2 years, which leaves a long gap if you have a serious illness. Our Income Protection Gap calculator shows exactly where you stand.

Insurance Inside vs Outside Super

Life insurance and TPD can be held inside your superannuation fund, which has the advantage of being funded from pre-tax super contributions. However, the cover levels inside super are often insufficient and the definitions (especially for TPD) can be more restrictive. Income protection held outside super has tax-deductible premiums and typically has more flexible benefit terms. Most comprehensive insurance strategies use a combination of both.

Disclaimer: These calculators provide general estimates of insurance needs based on standard industry methodologies. Actual insurance requirements depend on your personal circumstances, existing cover, health status, and financial obligations. This is not financial or insurance advice. Always consult a licensed financial adviser before purchasing or cancelling any insurance policy.