1. Your living and ongoing expenses will be covered for a number of years after the event of death. The number of years is calculated by the number of years until your youngest child reaches 18, subject to a minimum of 5 years, unless otherwise adjusted.
OneChoice provides this calculator to assist you to estimate your cover needs for Life Insurance. You may have other life insurance needs, such as income protection or total and permanent disability cover, which this calculator does not consider. This is a simple calculator based on market averages and does not take into account specific needs that you have which are out of the ordinary or not within scope of the questions asked.
Using this calculator does not constitute financial product advice and should not be used in place of seeking professional advice.
Your estimated cover need is calculated on the basis of a number of assumptions. If these do not apply to you the result you obtain may not be suitable to your needs.
The result you obtain from this calculator is dependent on the accuracy of the information you have provided and is relevant to your disclosed circumstances at a point in time. You should regularly revisit your insurance needs, particularly after making a significant lifestyle change such as upgrading your home.
The result you obtain from this calculator is not a quote for cover. You should be aware that most life insurers have eligibility requirements for cover, and many will require you to be underwritten prior to offering you cover. This may mean that you are not eligible for cover or the level of cover you can obtain may be lower than the result you obtain from this calculator.
The amount of cover you require is just one aspect to consider when taking out life insurance. You should consider the remaining features, benefits and risks associated with commencing cover by reading the Product Disclosure Statement of any product before committing to purchase it.