- Your estimated cover is calculated on a scenario of death occurring immediately with the current information you have disclosed.
- All home loans and personal debt will be covered in full so that you don't need to cover these debts from your personal estate.
- An immediate expense is assumed for funeral and other immediate costs at a default at $8,000. This amount can be adjusted.
- An annual inflation rate is applied to all ongoing expenses to ensure your family will be able to maintain their current lifestyle. This is defaulted to 1.6%. This amount can be adjusted.
- Other income (if any) derived from assets or earned by your partner/relatives are not used to cover expenses.
- No major assets will need to be sold to cover expenses.
- Any existing cash savings from a savings or superannuation account are not used to cover expenses.
- 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.
- If no children are disclosed, 5 years are covered from event of death.
- If you have childcare or education costs, you should enter those in your monthly living expenses.
- It is assumed that the claim amount after being paid out will not accrue any investment returns.
Average Expenditure (weekly) $1,260.90 Minus Dwelling $323.20 Minus Education $21.50 Minus Mortgage Interest Payment $91.20 Net Expenditure (weekly) $825.00 Net Expenditure (monthly) $3,575.00 2019 Adjusted $3,749.00
- Inflation Rate: https://www.rbnz.govt.nz/statistics/key-graphs/key-graph-inflation
- Rent per month: https://www.stats.govt.nz/information-releases/household-income-and-housing-cost-statistics-year-ended-june-2017
- Average number of children per family: http://archive.stats.govt.nz/browse_for_stats/people_and_communities/Children/census-snapshot-children.aspx