Insurance Needs Calculator

How much life cover, TPD, trauma, or income protection should an Australian household actually hold? There is no single right answer — but there are common frameworks that produce a defensible starting figure. This calculator walks through the inputs that matter: outstanding mortgage and other debts, dependants and the cost of raising them through to financial independence, expected funeral and final expenses, current liquid assets, and existing cover already held inside super or retail policies. The output is an illustrative figure, not a recommendation.

Each cover type uses a slightly different calculation. Life cover is typically sized to clear debts plus replace lost income for dependants until they are self-sufficient. TPD adds long-term care, home modifications, and a buffer for ongoing medical costs that life cover does not need to fund. Trauma is more often sized as a fixed buffer rather than a needs-based calculation, designed to cover time off work and treatment costs without depleting savings. Income protection is structured around a percentage of current income (capped at around 70%) and chosen waiting and benefit periods rather than a one-off lump sum. Across the nine insurers on the IMFL panel — AIA, Zurich, TAL, OnePath, ClearView, NEOS, Encompass, Acenda, and Futura — premium for the same illustrative figure can vary widely depending on age, occupation, smoking status, and health.

The figures produced here are general in nature and do not consider your full personal financial situation, objectives, or needs. They are a starting point for a conversation, not the final answer. To pressure-test the figure against indicative pricing across the panel, generate a quote in about three minutes — or book a call to walk through the inputs together.