Insurance needs estimator
Estimate the financial gap
Create a starting estimate of the support your household may need if you die.
About this estimate
The estimate adds debts to a chosen number of years of replacement income, then subtracts existing cover and available assets. It does not model tax, funeral or education costs, inflation, investment earnings, government benefits or a survivor’s income.
It is a needs discussion, not a personal recommendation. Compare policy definitions and obtain licensed advice before applying for, replacing or cancelling cover.
Use the result well
What the gap estimate includes
This needs-based estimate adds debts to a chosen number of years of replacement income, then subtracts existing cover and available assets. It gives a conversation starting point, not a recommended policy amount. Funeral costs, education, tax, inflation, investment returns, government support and a surviving partner’s earnings are not modelled.
Run more than one support period and discuss what expenses would continue or change. Someone with young dependants, a large mortgage or one household income may need a different buffer from a person with no debts and financially independent family.
Compare cover, not just the premium
Insurance through super may include life, total and permanent disability and income protection. Read definitions, exclusions, waiting periods, benefit periods and occupation categories. A cheaper policy can be poor value if the event you need covered falls outside the definition.
Do not cancel existing cover until a replacement has been accepted in writing and has started. Health and occupation changes can make old group cover difficult to recreate, and closing a super account can end its insurance.