Income Protection Insurance Australia

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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.

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	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.

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Life Insurance Articles

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

Everything You Need to Know About Waiting Periods and Income Protection Benefits

Income protection insurance is a crucial financial product designed to secure a portion of your income if you're unable to work due to illness or injury. This type of insurance acts as a financial safety net, ensuring that you can maintain your lifestyle and meet essential expenses while recovering. - 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

Tax Deductions and Income Protection: Maximizing Your Benefits

When life throws unexpected health challenges your way, having a solid plan to protect your income is crucial. Income protection insurance is designed to provide financial support if you're unable to work due to illness or injury, allowing you to focus on recovery without the added stress of financial burden. - 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

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

Insurance News

Rising Mental Health Claims Reshape Australia's Insurance Landscape

10 Dec 2025: Paige Estritori

The Australian insurance industry is witnessing a significant shift as mental health conditions have become the leading 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

Australian General Insurers Achieve $6 Billion Profit Amid Fewer Natural Disasters

10 Dec 2025: Paige Estritori

In a remarkable turnaround, Australian general insurers have reported a combined profit of $6.1 billion over the past year. This substantial increase is attributed to a period of relative calm in natural catastrophes and robust investment returns. - read more

Australian Life Insurers Under Review for Mental Health Exclusion Practices

10 Dec 2025: Paige Estritori

Recent findings have revealed that certain Australian life insurers continue to implement blanket exclusions for mental health conditions, a practice that contravenes the industry's code of practice. This has raised significant concerns about the fairness and legality of such exclusions. - read more

Surge in Mental Health Claims Reshapes Australia's Insurance Landscape

02 Dec 2025: Paige Estritori

Australia's insurance industry is experiencing a significant shift as mental health conditions have become the leading 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

Australian Insurance Premiums See Notable Decrease

02 Dec 2025: Paige Estritori

Recent data indicates a notable decline in life and income protection insurance premiums across Australia, providing consumers with more affordable coverage options. According to the latest Direct Life Insurance Report from Rainmaker Information, direct life premiums have decreased by 7% since 2024. Similarly, direct income protection premiums have seen significant reductions, with average premiums for waiting periods of 30 days and 90 days decreasing by 12% and 13%, respectively. - read more

TAL's Health Sense Plus Now Covers Income Protection Policies

02 Dec 2025: 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

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Knowledgebase

Waiting Period:
The time period that must pass after filing a claim before the insurance coverage becomes effective or benefits are paid.

Income Protection Insurance Australia Life Insurance Calculator

Final Expenses

Continued Standard of Living

Existing Arrangements

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