Life insurance helps to protect yourself, 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) and insurance you may need. Once you've worked out your insurance needs, you can obtain a quote on this or any other level of insurance cover.

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

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

Assets Assets - Include spouse's/partner's
Debts Debts - Include spouse's/partner's
Current cover Current cover - only yours

Calculated cover

Current cover Calculated cover Cover gap
Death
TPD
(per month)

To view the components of the calculated cover and to alter cover levels, select the :

  • Death cover provides a lump sum amount if you die or become terminally ill. The lump sum amount can help to pay any debts or bills and provide an ongoing income for your dependants.
  • TPD cover provides a lump sum amount if you are totally and permanently disabled. The lump sum amount can help to pay any debts, bills, medical or other expenses, and if invested, provide an ongoing income.
  • provides an income while you are unable to work due to temporary or permanent illness or injury.
  • Death cover provides a lump sum amount if you die. The lump sum amount can help to pay any debts or bills and provide an ongoing income for your dependants.
  • TPD cover provides a lump sum amount if you are totally and permanently disabled. The lump sum amount can help to pay any debts or bills, other expenses such as medical expenses and provide an ongoing income.
  • provides an income while you are unable to work due to temporary illness or injury.
  • Death cover provides a lump sum amount if you die. The lump sum amount can help to pay any debts or bills and provide an ongoing income for your dependants.
  • TPD cover provides a lump sum amount if you are totally and permanently disabled. The lump sum amount can help to pay any debts or bills, other expenses such as medical expenses and provide an ongoing income.
  • provides an income while you are unable to work due to temporary illness or injury.
Slide buttons to alter cover levels:

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.

Slide buttons to alter cover levels:

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.
Slide buttons to alter cover levels:

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

Current and Calculated Cover

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

Assumptions

Important information for you

You can change the values of these important assumptions:

Assumption Current value Description
Death expenses This is to provide cover for expenses such as a funeral, legal expenses, etc.
TPD expenses This is to provide cover for expenses such as modifications to your house or car, specialised medical equipment, etc.
Spouse/TPD future income proportion The proportion of your income provided to your spouse until the age specified below. This is paid as a lump sum, assuming the wage and interest assumptions below. If you have selected not to provide cover for a dependent spouse or partner, this proportion of your income is provided to you in the event of TPD.
Age spouse/TPD income support ends The age at which the proportion of your income specified above ceases being paid to you or your spouse. The income continues until you would have turned this age. This is paid as a lump sum, assuming the wage and interest assumptions below.
Child income proportion The proportion of your income provided to your children until the age specified below. This is paid as a lump sum, assuming the wage and interest assumptions below.
Age child income support ends The age at which the proportion of your income specified above ceases being paid to your children. The income continues until they turn this age. This is paid as a lump sum, assuming the wage and interest assumptions below.
Age gap between children If you have more than one child, each child is assumed to be this many years older than the previous one. All children are assumed to be under the age at which income support ceases.
Salary Inflation The rate at which your salary is assumed to increase each future year.
Interest Rate The rate of return that you or your family will need to earn on any insurance payout in order to achieve the desired level of income.

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).

Death & TPD Cover

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

  • Debt repayment;
  • Expenses on Death or TPD;
  • 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.

Expenses on Death or TPD

The levels of cover for expenses on Death or TPD are initially set to {*} for Death 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

Cover for future income for each dependent child 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 age {*}.

The initial level of income is calculated as {*} 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 {*} 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.{*}

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

Separate advice should be sought regarding the need for any other insurance including Trauma and 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 and TPD 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) 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 and TPD cover has been rounded to increments of $10,000.

Separate advice should be sought regarding the need for any other insurance including Trauma and 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 and TPD 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
  • 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.