Life Insurance Needs Calculator
This calculator is designed to provide you with an estimate of how much life insurance and income protection cover you may need in the event that you die, suffer a trauma, become totally and permanently disabled (TPD) or if you become unable to work.
Please note the results provided by this calculator are an estimate only. Consider whether you need financial advice from a qualified adviser.
How much life insurance do you need?
When considering life insurance, it’s important to remember that nobody is invincible or necessarily able to work indefinitely. A serious illness, accident or even an unexpected death can throw things into disarray. If you or your income were suddenly out of the picture, what financial situation would your family members find themselves in?
It could be a good idea to crunch the numbers to sum up the various yearly costs your family might face in your absence, to ensure their needs are met. This can be a tricky process for some people, as it can sometimes be difficult to determine how much death cover you may need. Canstar’s easy-to-use calculator could help you get started, as it highlights some of the key elements you may wish to consider. Of course, you may have other items you wish to add to customise the calculator to your situation. It could also help you to have an amount of desired cover in mind before you visit your financial planner or contact an insurer to talk further about premiums.