Human Insurance:
Insurance Needs Analysis

How much insurance do you need?


Imagine you went out and bought a new car for $100,000 – would you insure it for 100% of its value? Or 30%?

Now instead of insuring a car, we look at something far more valuable, a human! Would you insure a person for 100% of their value or 30%?

Most Australia’s have some form have human insurance, like Life or Disability – however almost 50% of Australian’s are underinsured, and the average level of insurance people currently have is – around 30% of their needs!

The main problem is, how do you value a human? How much insurance do you actually need?

Our Calculator is here to help!

Before you start you should know a few things:

• First, this isn’t an instant calculator, we will need take the information you give us, process it and email you the results.

• You’ll receive an email in a few hours, with your insurance needs analysis, an explanation about your analysis, and information about how can update your own insurances.


Click START to begin…

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Insurance Needs Analysis Explanation.

Please note:

After you complete this insurance needs analysis we will send you an email with our estimate as to how much insurance we believe you need.

This calculator will give you insurance amounts for LIFE, TPD, INCOME PROTECTION and TRAUMA. 

Limitations

  • The information and results provided by this calculator takes into account information you enter but does not consider your personal circumstances, including your current lifestyle expenses, other financial commitments or other needs and objectives. When making any financial decision you should take into account your financial situation, needs and objectives.
  • This calculator estimates your life insurance needs based on the limited information that you provide and assumptions made about the future. It does not consider your overall insurance needs, including for temporary or permanent disability, trauma, private health, or long-term income protection cover.
  • The calculator estimates the amount of cover needed to provide a lump sum, ongoing income support, or a combination both, that is enough to meet the financial needs and maintain the living standards for your family in the event of your death. The calculator does not consider your eligibility for insured cover or the affordability of the estimated insurance cover.
  • Estimates generated by the calculator are based on assumptions (default assumptions ). These may not be accurate in the future if your personal circumstances or legislation changes.
  • The calculator is not a substitute for financial advice and should not be relied on for making decisions about a particular financial product or class of financial product. Consider getting advice from a licensed financial adviser who can develop a financial plan tailored to your needs and objectives.
  • We recommend you do a new calculation regularly as your circumstances, financial markets, tax and other rules can change.

Default assumptions

The calculator is not intended to recommend a financial product or an interest in a financial product. However, the issuer of this calculator believes that the default assumptions are reasonable, as outlined in the sections below.

Calculation methodology

This calculator considers your life insurance needs, in the event of your death, across the following areas:

  • Funeral costs – overs immediate expenses such as the cost of your funeral.
  • Mortgage – having enough insurance to pay off your mortgage. Also consider whether your surviving dependents would sell or downsize your home.
  • Other debts – an amount sufficient to pay off your other debts (e.g. other loans, credit card debts, etc)
  • Children’s education – Not include – if you have dependent children you may want to allow for the cost of education expenses.
  • Help with your family’s living costs – you may wish to include an amount to cover, or contribute to, your family’s ongoing living expenses.

Your calculated insurance needs are offset by any available assets that can be used to fund immediate or ongoing costs.

“One off expenses” funeral & hospital costs

By default, the calculator assumes funeral costs upon death of $5,000.

And in the event of TPD, you would have medical expenses of $30,000.

Your mortgage

By default, the calculator pays out your mortage. In this event you may require a lower income per year.  Consider your outstanding mortgage and your ongoing costs if the mortgage was paid off to get a more accurate analysis. 

Your children’s education expenses

By default, the calculator does not include any funding for you children’s education expenses, assumed to be payable from age 5 to 18. 

Your assets

In assessing your life insurance needs, the calculator considers the available assets you or your family may have to offset these needs.

Tax

The calculator does not take into account any tax that may be payable on insurance benefits received by you or your beneficiaries. Any tax that may be payable will depend on the circumstances of the payment and the source of any insured benefits. You may wish to get advice from a licensed financial adviser.

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