The Australian Government's Money Smart website has a free calculator to help you work it out.
The following insurers also offer life insurance needs calculators:
Below you'll find practical guides to help you make confident decisions about your life insurance needs.
5 simple steps to make sure your cover still works for you
Most Australians set and forget their life insurance. They take out a policy when they buy a home or start a family, pay the premiums faithfully, and never look at it again. The problem is that life changes constantly, and life insurance that was right for you five years ago may leave you significantly underinsured today or paying for cover you no longer need.
Download PDFAnd what you can do about it
If you have noticed your life insurance premiums creeping up year after year, you are not imagining it. For most Australians holding stepped premium policies, the increases become particularly noticeable after the age of 45. Understanding why this happens and what your options are can save you thousands of dollars over the life of your cover.
Download PDFAre you protecting it?
Ask most Australians what their most valuable asset is and they will say their home. It is understandable a property you can see, touch and live in feels tangible and real. But for most working Australians, the numbers tell a different story. If you are 45 years old, earning $100,000 a year and plan to work until you are 65, your future income is worth $1.8 million before any pay rises, bonuses or career progression.
Download PDFAre you protecting it?
Buying a home is one of the most exciting milestones in life. It is also the moment most Australians take on the biggest financial liability they will ever have. Yet despite signing up to decades of mortgage repayments, many new homeowners give little thought to what happens to that debt if something goes wrong.
Download PDFProtecting the people who depend on your income
There is a common belief in Australia that life insurance is something you sort out when you buy a home. Before that moment, most renters give it little thought. But life insurance has never really been about property. It is about protecting the people who depend on your income.
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AIA Insurance Needs Calculator
TAL Life Insurance Calculator
Zurich Insurance Needs Calculator