This calculator will show you how much life insurance that you need in order to meet your family financial objectives on the event of your death.

Simply enter the estimated value for each applicable item below. An estimate of your additional life insurance requirements will then be calculated under the heading [Results].

	Final Expenses			The expenses listed in this category represent amounts that your beneficiaries would generally require in the form of a lump sum.
	Funeral Expenses				Please provide an estimate amount to set aside to cover funeral expenses. This expense is, of course, very subjective to both the wishes and tastes of your family and any provisions you yourself may have made prior to dying.
	Medical Expenses				Depending on your health insurance arrangements, it is a good idea to make some allowance for final emergency medical expenses.
	Mortgage				This figure should include the mortgage on your residence as well as any investment properties if applicable.Most monthly mortgage statements provide a payout figure which includes the remainder of the principal and interest due. If you have your statement handy, please enter the number below. If not, please estimate.
	Loans & Debts				This number should include all debts (outside of the mortgage) - credit cards, car loans, store credit, personal loans etc.
	Day to Day Expenses				Here you can make an allowance to cover the short-term needs of your family for groceries, petrol, clothing and other items which they consume as a matter of course for a period a few months while they adjust to life without you.
	Childrens' Education				Enter the total amount that you anticipate spending for educating all children over their lifetime.
	Taxes				This figure should include any tax liabilities that you may leave behind. Income taxes are also collected for income earned the year of your death.
	Rainy Day Fund				Here you can specify an amount to be set aside to handle unforeseen events, usually a few months` income.
	Continued Standard of Living			In this category, you will establish how much lump sum you will need to set aside in order to provide an ongoing income for your family after your death. Even with the mortgage, loans and education taken care of, your family will most likely still need a continuing income.
	Annual Income Required				This figure should represent the ongoing annual income that you feel your family would need after your death. Even if you have set aside funds to pay out the mortgage and other debts, your family will still have ongoing financial needs.
	Years Income Required				This is the number of years for which you would like to provide the income specified above. This may be the number of years between now and when your youngest child reaches adulthood - or perhaps the time that your spouse reaches retirement age.
	Assumed Interest Rate				This figure is the long-term rate of return that you would expect your family to earn on the lump sum that you have left behind as an investment. You should be relatively conservative in estimating this interest rate because it is unlikely that your family would invest it in risky or speculative investments.
	Existing Arrangements			This category is where we take into account existing financial arrangements that would come into play on your death.
	Death Cover in Superannuation				This is the amount that your retirement savings account will pay on the event of your death. This may or may not include a combination of insurance and retirement savings.
	Other Life Insurance Cover				Here you should enter the total amount payable from any/all life insurance policies that would become payable on your death.
	Liquid Assets				This should be your estimate of the money your estate would get for things that the would sell on your death including things like shares, investments and savings accounts that they might want to cash in.
	Company and Other Benefits				This is where you can enter the annual value of any government or employer-related payments that your family would receive following your death.
	Income Producing Assets				Enter the total value of any non-liquid income producing assets (e.g. real estate)- irrespective of whether it would be sold/realised on the event of your death.
	Result
				This calculation should be used as a guide only in calculating the amount of insurance that you will require. For a more detailed analysis we recommend that you consult a qualified financial adviser.

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