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Income Insurance Online Family Life Insurance Calculator

Plan ahead with our Family Life Insurance Calculator, designed for couples who want a clearer picture of their protection needs. It assesses Life, Trauma and TPD cover for both partners, factors in existing policies and super benefits, and highlights any shortfalls with detailed recommendations and easy-to-read visual insights.

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

Family Life Insurance Calculator
Progress
Step 1 of 7

Household snapshot

Start with the family structure, debt position, asset base, and the broad planning horizon.

Family structure Debts and assets Dependants and education
Cash, offset, shares, savings available to support the family.
Amount the family wants to leave untouched.
Recommendation logic uses a practical capital-needs approach: debt clearance, final expenses, education funding, income replacement, care costs, and offsets for existing cover and usable assets.

Husband details

Enter income, work status, retirement horizon, and likely dependency on his contribution.

How much of his income is actually relied upon by the family.
Buffer for counselling, time off work, legal/admin, family transition.

Wife details

Enter the wife’s income, family contribution, and likely support needs if she were absent.

Existing personal insurance policies

Capture any cover already held outside super, so only the likely gap is recommended.

Husband existing retail / direct / adviser-placed cover
Wife existing retail / direct / adviser-placed cover

Superannuation and insured benefits in super

Super balances can support survivor or disability funding, and insured death / TPD inside super may reduce the shortfall.

Husband super position
Allowance for tax, access limits, or discounting.
Wife super position

Trauma and TPD funding assumptions

These assumptions drive the non-death recommendations and make the output easier to defend and explain.

Percentage of household debt to extinguish after a major illness.
Share of current gross income to replace until retirement.
Only a portion of liquid assets may be appropriate to offset against disability need.
Life cover approach Debt clearance + final expenses + education + capitalised income shortfall + care needs - existing resources.
Trauma approach Immediate treatment and recovery funding + temporary income replacement + debt relief + support services.
TPD approach Long-term disability funding + debt relief + care/modifications + income replacement to retirement.

Review and calculate

Click calculate to produce a detailed recommendation, coverage gap analysis, and charts.

The final calculation also creates a JSON payload of all fact-find data and outcomes. It is stored in a hidden field and in JavaScript memory, but is not displayed on screen.

How to use our Family Life Insurance Calculator

Our Family Life Insurance Calculator helps Australian families estimate how much life insurance, trauma cover and TPD insurance may be needed to protect dependants if a parent dies, becomes totally and permanently disabled, or suffers a serious illness. It is important because underinsurance can leave surviving family members with mortgage stress, education costs, and reduced income at the worst possible time, while overinsurance can strain household cash flow. This calculator uses a capital-needs approach, then offsets existing cover and usable assets to highlight any likely shortfall.

Before you start, gather your latest loan balances, payslips or tax estimates, existing policy schedules, and superannuation statements so each entry reflects your current position.

1. Household snapshot: Enter number and ages of dependants, mortgage and other debts to clear, final and estate costs allowance, education funding required, liquid assets available, and any assets to preserve. Then set how many years household support should last and the assumed after-tax earning rate (a conservative long-term rate generally produces more resilient results).

2. Husband details: Add age, target retirement age, employment status, gross annual income, and the annual net household contribution (the amount the family truly relies on). Include personal expenses that would cease, childcare or domestic replacement costs, and a one-off spouse transition fund.

3. Wife details: Complete the same fields to capture the full two-income and caregiving picture, including unpaid work replacement costs where relevant.

4. Existing personal insurance: Enter current Life, Trauma and TPD held outside super so the calculator focuses on the gap, not the total.

5. Superannuation: Record each partner’s super balance plus insured death and TPD benefits in super, then apply the usable super factor to allow for access and tax considerations.

6. Trauma and TPD assumptions: Set medical and rehab allowances, income replacement months, debt relief targets, home modification and care allowances, and a TPD income replacement ratio to retirement.

7. Review and calculate: Check entries for realism, then calculate to view the recommended cover mix by partner and the coverage comparison and gap analysis. Treat the “gap” as the additional cover to investigate, and use the breakdown to understand what is driving the need (debts, living costs, education, care, or income replacement).

This calculator provides general information only and does not consider your objectives, financial situation or needs. Consider the relevant Product Disclosure Statement and, if appropriate, seek personal advice before acting.

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Knowledgebase
Insurance Deductible:
That part of an insurance claim that must be paid by an insured person before the the balance is paid by the insurer.

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