Insurance Needs Calculator

Life insurance helps to protect you, your family and your lifestyle if something happens to take away your earning power.

The Insurance needs calculator will use some personal details and some financial details to help you work out how much death, total and permanent disablement (TPD), trauma and income protection insurance you may need.

The data you provide within this Insurance needs calculator will be used solely for the purpose of producing the calculated cover and will not be used for any other purpose.

Personal details

Tell us about yourself and your dependants.

Your details

As you have reached age , you are not eligible to take out cover. This section of the calculator will not be displayed.

If you have a dependent spouse or partner, income support for them also ceases at age by default. You can adjust this age using the notes and assumptions link above.

Your dependants

Financial position

Tell us about your financial position.

Assets

Assets Include spouse's/partner's

Debts

Debts Include spouses's/partner's

Current cover

Current cover Only yours

Calculated cover

Please press calculate above.

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    LIFE COVER

    You are projected to need $1,000,000

    That's $600,000 more than your current cover of $400,000.

    Life cover provides a lump sum amount if you pass away. The lump sum helps protect your loved ones if you are diagnosed with a terminal illness or pass away.

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    TPD COVER

    You are projected to need $1,000,000

    That's $600,000 more than your current cover of $400,000.

    Total and Permanent Disablement (TPD) cover provides a lump sum amount if you were to ever suffer a serious injury or sickness. The lump sum amount can help to pay any debts or bills, other expenses such as medical expenses and to invest to provide an ongoing income.

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    TRAUMA COVER

    You are projected to need $100,000

    That's $60,000 more than your current cover of $40,000.

    Trauma cover provides a lump sum amount if you are diagnosed with a serious illness. The lump sum amount can help to pay any bills or other expenses, such as medical expenses, and to invest to provide an ongoing income.

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    INCOME PROTECTION

    You are projected to need $2,000 per month

    That's $600,000 more than your current cover of $400,000.

    Income Protection provides you with a monthly income while you are unable to work due to sickness or injury that deems you to be totally or partially disabled.

death

You are projected to need $1,000,000 Life Cover.

That's $600,000 more than your current cover of $400,000.

Current and Calculated Death Cover

Current cover
Calculated cover
Cover gap

Note: the amount of cover selected exceeds the maximum amount of cover available. The maximum cover available is shown above. The components of cover have been scaled to add to the reduced total.

Note: the minimum Death cover required to provide the selected level of TPD cover is shown above. This is greater than the amount of cover selected. The components of cover have been scaled to add to the increased total.

*Your selected income protection cover will provide some of the selected income. You need this amount to top up your income protection cover.

Slide buttons to alter cover levels

*Your selected income protection cover will provide some of the selected income. You need this amount to top up your income protection cover.

death

You are projected to need $1,000,000 TPD Cover.

That's $600,000 more than your current cover of $400,000.

Current and Calculated TPD Cover

Current cover
Calculated cover
Cover gap

Note: the amount of cover selected exceeds the maximum amount of cover available. The maximum cover available is shown above. The components of cover have been scaled to add to the reduced total.

Note: the minimum Death cover required to provide the selected level of TPD cover is shown above. This is greater than the amount of cover selected. The components of cover have been scaled to add to the increased total.

*Your selected cover will provide some of the selected income. You need this amount to top up your cover.

*Your selected income protection cover will provide some of the selected income. You need this amount to top up your income protection cover.

Slide buttons to alter cover levels

*Your selected income protection cover will provide some of the selected income. You need this amount to top up your income protection cover.

death

You are projected to need $1,000,000 Trauma Cover.

That's $600,000 more than your current cover of $400,000.

Current and Calculated Trauma Cover

Current cover
Calculated cover
Cover gap

Note: the amount of cover selected exceeds the maximum amount of cover available. The maximum cover available is shown above. The components of cover have been scaled to add to the reduced total.

Note: the minimum Death cover required to provide the selected level of Trauma cover is shown above. This is greater than the amount of cover selected. The components of cover have been scaled to add to the increased total.

*Your selected income protection cover will provide some of the selected income. You need this amount to top up your income protection cover.

Slide buttons to alter cover levels

*Your selected income protection cover will provide some of the selected income. You need this amount to top up your income protection cover.

death

You are projected to need $1,000,000 Income Protection.

That's $600,000 more than your current cover of $400,000.

Current and Calculated Cover

Current cover
Calculated cover
Cover gap
Note: a portion of this benefit may be payable to your superannuation fund.

*Your selected income protection cover will provide some of the selected income. You need this amount to top up your income protection cover.

Slide buttons to alter cover levels

Note: If you change the Benefit Period, your Calculated TPD cover may change

*Your selected income protection cover will provide some of the selected income. You need this amount to top up your income protection cover.

Notes & Assumptions

Assumptions

Important information for you

You can change the values of these important assumptions:

Calculation Methodology

The following assumptions have been made when making these calculations. You can change the values indicated with an asterisk {*} (the default values are shown below).

Life & TPD Cover

The "calculated" levels of Life and TPD covers provide for:

  • Debt repayment;
  • Life or TPD Expenses;
  • Income for children (where applicable); and
  • Income for spouse/partner (where applicable)

The total calculated cover is the sum of the above components. As these types of cover provide a lump sum payment, a lump sum equal to the present value of future income for spouse and children is included in the "calculated" cover where applicable, as described below.

The calculated levels of these components are determined for you as set out below.

Debt repayment

The levels of debt repayment are initially set to the amount by which your current debts exceed your assets. You can override these values using sliders on the Calculated Cover page.

Life or TPD Expenses

The levels of cover for Life or TPD Expenses are initially set to {*} for Life and {*} for TPD. You can override these values using the sliders on the Calculated Cover page.

Income for Spouse/Future income on TPD

Cover for future income for your spouse or partner (or for you on TPD if you have selected not to provide cover for a spouse) is calculated as the amount needed to fund an annual income equal to the amount selected using the sliders on the Calculated Cover page (and increasing by {*} per year), up to your th{*} birthday.

The initial level of income is calculated as {*} of your income (as entered by you on the Personal Details page).

It is assumed that the insurance amount will be invested and will earn an investment return of {*} p.a. after tax in future years. Future income is assumed to grow at p.a.{*}

INCOME FOR CHILDREN EXPENSES

Cover for future expenses for each dependent child (aged less than {*}) is defaulted to be the amount needed to fund the ongoing expenses up until the child turns 21{*}.

The initial level of expenses are calculated as {*} of your income (as entered by you on the Personal Details page) for each child) which increases by {*} per year up to age 21{*}. No additional allowance is made for more than 5 children.

The age of each child is assumed to be {*} years older than the next youngest, but capped at age 21.

It is assumed that the insurance amount will be invested and will earn an investment return of {*} p.a. after tax in future years. Future income is assumed to grow at {*} p.a.

Trauma Cover

The "calculated" levels of Trauma covers provide for:

  • Expenses on Trauma;
  • Income for children (where applicable); and
  • Income for spouse/partner (where applicable)

The total calculated cover is the sum of the above components. As these types of cover provide a lump sum payment, a lump sum equal to the present value of future income for spouse and children is included in the "calculated" cover where applicable, as described below.

The calculated levels of these components are determined for you as set out below.

Expenses on Trauma

The level of cover for medical expenses in any Trauma event is initially set to $80,000. You can override this value using the slider on the Calculated Cover page.

Income for Spouse/Future income on Trauma

Cover for future income for your spouse or partner (or for you if you have selected not to provide cover for a spouse) is defaulted to be the amount needed to fund the initial level of income for the next six months.

The initial level of income is calculated as 70.00%{*} of your income (as entered by you on the Personal Details page).

INCOME FOR CHILDREN'S EXPENSES

Cover for future expenses for each dependent child (aged less than 25{*}) is defaulted to be the amount needed to fund the initial expenses for the next six months.

The initial expenses are calculated at 10.00%{*} of your income (as entered by you on the Personal Details page) for each child. No additional allowance is made for more than 5 children.

The age of each child is assumed to be 3{*} years older than the next youngest, but is capped at age 21.

Minimum level of cover

Maximum level of cover

This tool is intended to provide broad guidance on the level of insurance cover required to meet debt obligations and replace a portion of income in the event of death, TPD, trauma or temporary disablement. The calculated cover is not a recommendation and is not intended to be an exact figure. It does not take all of your needs into account and does not constitute financial advice.

Death, TPD and trauma cover has been rounded to increments of $10,000.

Separate advice should be sought regarding the need for any other insurance such as Private Health Insurance.

All figures are gross of tax. No allowance is made for your particular tax circumstances or for the taxation of insurance benefits, either inside or outside superannuation. Generally, Death, TPD and trauma insurance benefits will be taxed at a lower rate than the income they are replacing. Please seek separate tax advice in relation to insurance benefits.

No allowance has been made for any social security benefits to which you may be or become entitled.

No assessment is carried out as to the availability of cover. Cover may not be available to some customers either for health reasons or due to their occupation.

You should consider obtaining advice from a licensed financial adviser before making any decision.

Your Needs

You should reassess your insurance needs regularly as your circumstances may change. Also, while the assumptions underlying this calculator are considered reasonable at the present time, these assumptions may be reviewed in future.

Disclaimer

This tool is intended to provide broad guidance on the level of insurance cover required to meet debt obligations and replace a portion of income in the event of death, TPD (total and permanent disablement), trauma or temporary disablement. The calculated cover is not a recommendation and is not intended to be an exact figure. It does not take all of your needs into account and does not constitute financial advice.

Death, TPD and trauma cover has been rounded to increments of $10,000.

Separate advice should be sought regarding the need for any other insurance such as Private Health Insurance.

All figures are gross of tax. No allowance is made for your particular tax circumstances or for the taxation of insurance benefits, either inside or outside superannuation. Generally, Death, TPD and trauma insurance benefits will be taxed at a lower rate than the income they are replacing. Please seek separate tax advice in relation to insurance benefits.

No allowance has been made for any social security benefits to which you may be or become entitled.

No assessment is carried out as to the availability of cover. Cover may not be available to some customers either for health reasons or due to their occupation.

You should consider obtaining advice from a licensed financial adviser before making any decision.

Your Needs

You should reassess your insurance needs regularly as your circumstances may change. Also, while the assumptions underlying this calculator are considered reasonable at the present time, these assumptions may be reviewed in future.

You can now:

  • Seek financial advice on your insurance needs (click the 'Cancel' button below to end the current process); or
  • Speak to a Maritime Super financial planner to assess your insurance needs by calling 1800 757 607 to be put in touch with a planner; or
  • Get a quote by clicking the 'Get A Quote' button (take note of how much insurance you may need as your information will not be transferred.

The Insurance needs calculator is not intended to be relied on for the purposes of making a decision in relation to an insurance product and you should consider obtaining advice from a financial services licensee before making any decision.

You can now:

  • Speak to someone about your insurance needs by calling 13 11 84.
  • Get a quote by clicking the 'Get A Quote' button (take note of how much insurance you may need as your information will not be transferred.

The Insurance needs calculator is not intended to be relied on for the purposes of making a decision in relation to an insurance product and you should consider obtaining advice from a financial services licensee before making any decision.

You can now seek financial advice on your insurance needs (click the 'Cancel' button below to end the current process); or

  • REST Super members only: obtain a quotation by clicking the 'Get Quote' button below (note that this will close the calculator and you will lose any data you entered).
  • REST Select and Corporate members: obtain a quote by contacting REST and click the 'Cancel' button below to end the current process.