Calculate how much cover you may need

Our handy life insurance calculator can help you work out how much cover you and your family may need. Just answer a few quick questions and we’ll start counting. Easy as.

When deciding how much cover you should get, make sure you consider things like:

  • Your total debts – including your mortgage, personal loans, car repayments etc.
  • Your monthly household spending – such as food, fuel, utilities and school fees.
  • How many financial dependants you have and how old they are – generally, the younger your children are or the more dependents you have, the more life insurance you may need.

This calculator uses economic assumptions – if your individual needs are different to these, it might be a good idea to get personal financial advice from a pro.

Let's get started

Do you own your own home or are you renting?
$0 $1,000,000+
$
$0 $100,000+
$
$0 $7,000+
$
Do you have kids?

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.

Make the call

If you’re keen for a chat, call us on 0800 005 819 from 8am to 8pm Monday to Friday. If you’re too busy enjoying life, we can call you instead, or why not request a quote now?