financialservicesonline

Australian Insurance, Finance, Superannuation & Investment Resources

Income Insurance Calculator

:: Calculators :: Life Insurance

Need a Quick Life Insurance Quote? Start Here

Life Insurance Calculator

Term Life Insurance Calculator
SHARE

Insurance Resources

Insurance Home Compare Insurance Rates & Options Get an Insurance Quote Now

This calculator will show you how much life insurance that you need in order to meet your family financial objectives on the event of your death.

The life insurance calculator establishes the amount of life insurance required to meet immediate financial needs following death as well as providing for the ongoing needs of your beneficiaries.

Simply enter the estimated value for each applicable item below. An estimate of your additional life insurance requirements will then be calculated under the heading [Results].

Final Expenses

 The expenses listed in this category represent amounts that your beneficiaries would generally require in the form of a lump sum.
Funeral Expenses => Please provide an estimate amount to set aside to cover funeral expenses. This expense is, of course, very subjective to both the wishes and tastes of your family and any provisions you yourself may have made prior to dying.
Medical Expenses => Depending on your health insurance arrangements, it is a good idea to make some allowance for final emergency medical expenses.
Mortgage => This figure should include the mortgage on your residence as well as any investment properties if applicable.Most monthly mortgage statements provide a payout figure which includes the remainder of the principal and interest due. If you have your statement handy, please enter the number below. If not, please estimate.
Loans & Debts => This number should include all debts (outside of the mortgage) - credit cards, car loans, store credit, personal loans etc.
Day to Day Expenses => Here you can make an allowance to cover the short-term needs of your family for groceries, petrol, clothing and other items which they consume as a matter of course for a period a few months while they adjust to life without you.
Childrens' Education => Enter the total amount that you anticipate spending for educating all children over their lifetime.
Taxes => This figure should include any tax liabilities that you may leave behind. Income taxes are also collected for income earned the year of your death.
Rainy Day Fund => Here you can specify an amount to be set aside to handle unforeseen events, usually a few months` income.

Continued Standard of Living

 In this category, you will establish how much lump sum you will need to set aside in order to provide an ongoing income for your family after your death. Even with the mortgage, loans and education taken care of, your family will most likely still need a continuing income.
Annual Income Required => This figure should represent the ongoing annual income that you feel your family would need after your death.

Even if you have set aside funds to pay out the mortgage and other debts, your family will still have ongoing financial needs.
Years Income Required => This is the number of years for which you would like to provide the income specified above. This may be the number of years between now and when your youngest child reaches adulthood - or perhaps the time that your spouse reaches retirement age.
Assumed Interest Rate => This figure is the long-term rate of return that you would expect your family to earn on the lump sum that you have left behind as an investment. You should be relatively conservative in estimating this interest rate because it is unlikely that your family would invest it in risky or speculative investments.

Existing Arrangements

 This category is where we take into account existing financial arrangements that would come into play on your death.
Death Cover in Superannuation => This is the amount that your retirement savings account will pay on the event of your death. This may or may not include a combination of insurance and retirement savings.
Other Life Insurance Cover => Here you should enter the total amount payable from any/all life insurance policies that would become payable on your death.
Liquid Assets => This should be your estimate of the money your estate would get for things that the would sell on your death including things like shares, investments and savings accounts that they might want to cash in.
Company and Other Benefits => This is where you can enter the annual value of any government or employer-related payments that your family would receive following your death.
Income Producing Assets => Enter the total value of any non-liquid income producing assets (e.g. real estate)- irrespective of whether it would be sold/realised on the event of your death.

Result
This calculation should be used as a guide only in calculating the amount of insurance that you will require. For a more detailed analysis we recommend that you consult a qualified financial adviser.

start your free life insurance quote comparison here

Share this calculator:

Financial Calculators

Loan Finance Calculators
Mortgage Repayment Calculator

Calculate monthly mortgage repayments on various home loan amounts and interest rates.

 Home Refinance Calculator

Compare the cost/benefits of refinancing your home loan.

 Fortnightly Mortgage Repayment Comparator

Compare the effect of paying monthly mortgage payments as opposed to paying fortnightly.

 Bike Loan Calculator

Calculate and compare monthly repayments for a motorcycle loan.

 Boat Loan Calculator

Calculate and compare monthly boat repayments.

 Business Loan Calculator

Calculate and compare monthly repayments for a business loan.

 Business Equipment Lease Calculator

This calculator will help to calculate the lease finance repayments on new business plant and equipment.

 Car Loan Calculator

Calculate and compare monthly car loan repayments.

 Car Lease Calculator

This calculator will help to calculate the lease finance repayments on a new car.

 Caravan Loan Calculator

Calculate and compare monthly caravan repayments.

 Jetski Loan Calculator

Calculate and compare monthly jetski repayments.

 Personal Loan Calculator

Calculate and compare monthly repayments on a personal unsecured loan.

 Truck Loan Calculator

Calculate and compare monthly repayments on a truck loan.

 Truck Lease Calculator

This calculator will help to calculate the lease finance repayments on a new truck or commercial vehicle.
More Calculators
Insurance & Financial Planning Calculators
Life Insurance Calculator

Calculate the amount of life insurance protection you need to meet your objectives.

 Income Protection Calculator

Our income insurance calculator estimates the monthly income insurance benefit that you can buy.

 Contents Insurance Calculator

Use our home and contents insurance calculator for a room by room evaluation of your household contents and personal effects.

 Currency Conversion Calculator

Compare currency exchange rates for all major international currencies.

 Financial Goals Calculator

Plan for your future by setting financial goals with this handy calculator.

 Net Worth Calculator

Find out if you are where you should be financially.

 Retirement Savings Calculator

Find out whether your retirement savings are on track to meet your longer term needs.
More Calculators

Financial News & Information

Popular Insurance Articles
Related Articles
Article image: The Risks of Operating a Home Based Business Without Public Liability Insurance The Risks of Operating a Home Based Business Without Public Liability Insurance
Public liability insurance is a type of insurance that helps protect businesses from financial losses incurred due to legal claims made by third parties. In the case of home-based business owners, public liability insurance can play a crucial role in ensuring the smooth operations of their business. - read more
Article image: Top 5 Reasons to Buy Insurance Through a Broker Top 5 Reasons to Buy Insurance Through a Broker
In today's litigious and uncertain world, insurance has become a very important component of every financial plan. But, when it comes to buying insurance, consumers often get confused obout where they should start and how to decide on the best policy solution to their specific needs and circumstances. - read more
Article image: 7 Quick Car Insurance Tips for Teen Drivers 7 Quick Car Insurance Tips for Teen Drivers
For young drivers, getting a drivers license is like a ticket to freedom. Driving provides a number of other obvious benefits as well, and it is largely considered a rite of passage into adulthood by the vast majority of teenagers. However, there are many things to think about when you’re preparing to take the wheel, including a car insurance policy. - read more
Article image: Types of Insurance Policies Every Business Owner Should Consider Types of Insurance Policies Every Business Owner Should Consider
Protecting business investment with insurance is a critical part of every sensible business owner's business plan. Insurance protects businesses from unexpected financial risks due to natural disasters, accidents, liabilities and losses, which may run in to thousands. - read more
More Insurance Articles
Recent Insurance Articles
Related Articles
Article image: What Type of Insurance Does a Restaurant Need in Australia? What Type of Insurance Does a Restaurant Need in Australia?
Running a restaurant in Australia comes with a unique set of risks, making restaurant insurance a crucial consideration for business stability. Essential policies typically include public liability, property insurance, and workers’ compensation. These protect against claims for injury or property damage, damage to your premises, and staff-related incidents. For many restaurant owners, these core coverages form the foundation of a solid risk management plan. - read more
Article image: Why Every Commercial Kitchen Needs Equipment Insurance Why Every Commercial Kitchen Needs Equipment Insurance
Running a commercial kitchen in Australia means relying heavily on specialised equipment, from ovens and deep fryers to refrigeration and extraction systems. These assets are critical to daily operations and represent a significant investment for any restaurant or café owner. Protecting this equipment is vital, as unexpected damage or faults can quickly disrupt service and impact your bottom line. - read more
Article image: How to minimise risk and stay compliant when starting a new restaurant How to minimise risk and stay compliant when starting a new restaurant
Restaurant insurance in Australia provides vital protection for businesses in the hospitality sector. A tailored restaurant insurance policy can help cover a variety of risks unique to the industry, such as property damage, equipment breakdowns, customer injuries, and food contamination incidents. For many restaurant owners, having the right level of insurance is an essential part of running a compliant and resilient business. - read more
Article image: How Much Does Restaurant Insurance Cost in Australia? How Much Does Restaurant Insurance Cost in Australia?
Restaurant insurance cost in Australia can vary widely, largely depending on several key factors unique to each business. Insurers assess elements such as the size of your restaurant, the type of food service, the number of employees, and whether alcohol is served. Additional considerations include your claims history, annual turnover, and the specific risks associated with your operations. These details help insurers determine an appropriate premium for your restaurant business insurance package. - read more
More Insurance Articles

Follow us!

Financial Services Online on social media
Stay up-to-date with the latest news, views, products, information & resources from Financial Services Online


Copyright 2001-2025 Clark Family Pty Ltd
Important: Financial Services Online is a referral service. We provide general information only and we do not offer financial advice. We refer all insurance, finance and other enquiries that are initialted on this and our associated websites to specialist advisers who are licensed in their respective fields. You should always seek professional advice before making important financial decisions.