Income Protection Insurance Australia

Income protection insurance resources for Australians

Income Protection Insurance Australia :: Calculators

Share this calculator!

Income Protection Insurance Australia Life Insurance Calculator

Estimate your life insurance needs with our Life Insurance Calculator. Work out the right level of cover to protect your family and secure their financial future.

Calculator results are estimates only and not quotes. Actual quotes will be provided by licensed brokers after you submit an enquiry.

1 2 3 4

	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			Make an allowance to cover short-term needs for groceries, petrol, clothing and other everyday items for a few months while your family adjusts.
	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 in the year of your death.
	Rainy Day Fund			Specify an amount to be set aside to handle unforeseen events, usually a few months’ income.

	Continued Standard of Living			Establish the lump sum needed to provide an ongoing income for your family after your death, beyond mortgages, loans, and education.
	Annual Income Required			Enter the ongoing annual income your family would need after your death. Even with debts cleared, everyday expenses continue.
	Years Income Required			The number of years you wish to provide that income (e.g. until youngest child becomes an adult or spouse reaches retirement age).
	Assumed Interest Rate			Estimate a conservative long-term rate of return your family might earn on the invested lump sum (avoid risky/speculative assumptions).

	Existing Arrangements			Here we account for existing financial arrangements that would apply on your death.
	Death Cover in Superannuation			Amount payable from your super on death (may include insurance plus accumulated savings).
	Other Life Insurance Cover			Total benefit payable from any/all life insurance policies on your death.
	Liquid Assets			Estimate what your estate could realise from items such as shares, investments, and savings accounts.
	Company and Other Benefits			Annual value of any government or employer-related payments your family would receive after your death.
	Income Producing Assets			Total value of non-liquid income-producing assets (e.g. real estate), whether or not they would be sold.

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.

start your free life insurance quote comparison here

Share this calculator:

Life Insurance Articles

Income Protection vs. Life Insurance: Tax Differences You Should Consider

Have you ever wondered how income protection insurance can affect your taxes? It's an often-overlooked aspect of managing your finances that could make a substantial difference. Understanding your insurance options is crucial in making informed decisions that benefit your long-term financial health. - read more

Maximizing Your Income Protection Payout: Tips and Strategies

In the realm of personal finance, security is a cornerstone that cannot be overlooked, and this is where income protection insurance steps in. For Australians, the peace of mind that comes with knowing you're covered against loss of income due to illness or injury is invaluable. This form of coverage acts as a financial safety net, ensuring that life's unexpected twists do not leave you in a lurch. - read more

Making Sense of Income Protection Insurance: A Must-Read Comparison for Australians

When life throws unexpected challenges our way, the assurance of financial stability can be a beacon of hope amidst the uncertainty. For many Australians, income protection insurance is that beacon, safeguarding their livelihood and providing a crucial safety net when they need it most. It's more than just a policy; it's a strategic step towards longer-term peace of mind. - read more

Busting the Myth That Income Protection is Only for Physical Injuries

To all the self-employed Australians! You're the backbone of our economy, recognized for your entrepreneurial spirit and abilities to navigate the unique challenges of managing your own business. Yet, with great freedom comes great responsibility, particularly when it comes to securing your financial well-being. - read more

Understanding Your Policy: Key Terms That Impact Your Insurance Claim Outcome

Welcome to the beginning of your journey through the maze of insurance policy terms and conditions. For many Australians, navigating through an insurance policy can be as daunting as trying to understand a legal document. That's because, in a way, it is one. This section is designed to set the foundation for a comprehensive understanding of the key terms that impact your insurance claim outcomes. - read more

Decoding the Fine Print: What to Look out for in Your Income Protection Policy

Income protection insurance serves as a vital safety net for Australian workers, ensuring financial stability in the face of unexpected illness or injury. As the landscape of work and health continues to evolve, understanding the essentials of income protection becomes increasingly crucial for anyone who relies on a steady income to support themselves and their loved ones. - read more

Insurance News

TAL's Health Sense Plus Now Covers Income Protection Policies

27 Jan 2026: Paige Estritori

In a strategic move to enhance the value of its offerings, TAL has announced the expansion of its Health Sense Plus program to encompass income protection insurance. This initiative, effective from 8 August 2025, aims to incentivise proactive health management among policyholders by providing premium discounts. - read more

Rising Mental Health Claims Reshape Australia's Insurance Landscape

27 Jan 2026: Paige Estritori

Australia's insurance sector is experiencing a significant shift as mental health conditions become the predominant cause of total and permanent disability (TPD) claims. Recent data from the Council of Australian Life Insurers (CALI) indicates that mental health issues now account for nearly one-third of all TPD claims, marking a substantial change in the industry's claim patterns. - read more

APRA Calls for Reforms in Income Protection Insurance Sector

27 Jan 2026: Paige Estritori

The Australian Prudential Regulation Authority (APRA) has raised concerns about the sustainability of income protection insurance, following industry losses amounting to $2.5 billion over five years. APRA has urged life insurers to implement reforms to enhance the viability of these products and ensure they continue to meet policyholders' needs. - read more

TAL's Health Sense Plus Now Covers Income Protection Policies

19 Jan 2026: Paige Estritori

In a significant development for policyholders, TAL has expanded its Health Sense Plus program to encompass income protection (IP) policies. This initiative, effective from August 8, 2025, aims to incentivise proactive health management by offering premium discounts to clients who engage in preventative health checks. - read more

New Legislation Prohibits Life Insurers from Using Genetic Test Results

19 Jan 2026: Paige Estritori

The Australian government has enacted legislation prohibiting life insurers from using the results of genetic tests to refuse coverage or increase premiums. This landmark decision aims to eliminate genetic discrimination and encourage individuals to undergo potentially life-saving genetic testing without fear of financial repercussions. - read more

Calls for Super Funds to Accelerate Mental Health Insurance Claims Processing

11 Jan 2026: Paige Estritori

Consumer advocates are raising concerns over significant delays in processing mental health-related insurance claims by Australian superannuation funds. As mental health conditions become a leading cause of total and permanent disability (TPD) claims, the efficiency of claim processing has come under scrutiny. - read more

Click for more Insurance News

Start Here !

Apply now for your free Insurance assessment and price comparisons!

All quotes are provided free and without obligation. We respect your privacy.

Knowledgebase

Insurance Policy:
Broadly, the entire written contract of insurance. More narrowly, the basic written or printed document, as distinguished from the forms and endorsements added thereto.

Income Protection Insurance Australia Life Insurance Calculator

Final Expenses

Continued Standard of Living

Existing Arrangements

Result

Share this calculator:

Start Here