Life Insurance Needs Calculator
Estimate how much life insurance cover you may need in Australia, based on your debts, income, dependants and savings. A starting point, an adviser tailors the detail.
This rule-of-thumb covers clearing your debts, replacing income for around 10 years, allowing for children and final expenses, then subtracting savings. Your real need depends on your goals, super and existing cover.
- ✓Check what cover you already hold inside super
- ✓Review cover when your mortgage or family changes
How we estimate this
A common way to size life cover is the ‘DIME’ method, Debt, Income, Mortgage, Education, clear all debts, replace income for a number of years, and allow for children’s costs, then subtract what you already have in savings and super.
Pricing reviewed: October 2026.
Understanding life insurance needss in Australia
A common way to size life cover is the ‘DIME’ method, Debt, Income, Mortgage, Education, clear all debts, replace income for a number of years, and allow for children’s costs, then subtract what you already have in savings and super.
Many Australians have default life cover inside their super, but it’s often well below what their family would actually need. Reviewing it against a needs estimate like this is a sensible starting point before speaking to an adviser.
Frequently asked questions
How much life insurance do I need?
A typical approach clears your debts, replaces income for around 10 years, allows for children’s costs, then subtracts your savings and super. This calculator estimates that figure.
Isn’t my super cover enough?
Default cover in super is often much lower than a family’s real needs. It’s worth comparing it against a needs estimate.
Are you a insurance adviser?
Everyone on this page is working out what life insurance needs costs because they are ready to hire. Put your business right beneath the calculator, in your state, so you are who they find. From $1,000/mo.