Insurance needs calculator

How much cover does your household actually need?

The same needs-analysis method a financial planner uses: add the income your family would need, debts to clear, and future costs — then subtract savings, super, and any cover you already hold.

Interactive insurance needs calculator

The same needs-analysis method a planner uses: what your household would need if you couldn't earn, minus what it would already have.

Your household

Gross salary the household relies on.

Typically until kids are independent or the partner can retire.

Check your super statement — most funds include default cover.

Suggested life cover

$980,000

Need $1,225,000 — resources $245,000

TPD cover

$1,075,000

Same needs plus a margin for medical costs and home modification — usually set alongside life cover.

Income protection

$5,542/mo

Policies typically replace up to 70% of income. Shorter benefit periods and longer waiting periods cost less.

Inside vs outside super
Holding life and TPD cover inside super means premiums come out of your retirement balance rather than take-home pay — convenient, but default cover is rarely enough and policy definitions can be weaker than retail policies. Income protection held outside super is generally tax-deductible. This estimate is a starting point for a conversation, not advice — a licensed adviser can tailor cover to your situation.

General estimate only — not personal advice. Cover needs depend on health, dependants, and existing policies.

Needs-based life and TPD cover estimate

Income protection benefit at the typical 70% replacement cap

Counts your existing super-held cover so you do not double up

Why the needs method beats a rule of thumb

The common "10–15 times your income" rule ignores what actually drives cover: your debts, how long dependants need support, and what you already have. A household with a paid-off home and grown kids needs far less than the multiple suggests; a new mortgage with two toddlers needs more. The needs method prices your situation, not an average one.

Check your super before you buy more cover

Most Australians already hold default life and TPD cover inside their super fund — often a few hundred thousand dollars. It counts toward the gap, so subtract it before shopping for more. Be aware default amounts are generic and can reduce with age; the policy document or your fund's app shows the current insured figure.

Income protection fills a different gap

Life and TPD cover the catastrophic cases. Income protection covers the common one — being unable to work for months due to illness or injury — by replacing up to about 70% of income. It is usually held outside super so premiums are tax-deductible, and the waiting period you choose moves the premium more than the benefit amount does.

Frequently asked questions

Is this financial advice?
No — it is a general estimate of the coverage gap using the standard needs-analysis formula. A licensed adviser weighs health, policy definitions, and tax treatment for your situation.
Why subtract super from the cover I need?
Super savings and existing fund-held insurance are resources your family would already have. Counting them prevents paying premiums on cover you do not need.
How much income protection can I get?
Australian policies typically replace up to 70% of pre-disability income, sometimes plus super contributions. Benefit periods run from two years to age 65, priced accordingly.

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