1. Home
  2. Life Insurance
  3. Life insurance calculator
  4. Assumptions

Life insurance calculator assumptions

Assumptions

  • 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.

Sources

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?

Have us Call You
Request a Quote Now