Calculate How Much Life Insurance You Need

Use our free life insurance calculator to estimate how much cover you and your family might need. Just answer a few questions about your current situation and we’ll do the rest.

When working out your level of cover, it’s important to consider:

  • Your total debts owing – including your mortgage, credit card, personal loans, car repayments etc.
  • Your monthly household spending – such as groceries, fuel, utilities, school fees and leisure.
  • The number and age of your financial dependents – generally, the younger your children are or the more dependents you have, the more life insurance you may need.

This calculator uses several economic assumptions – if your individual needs go beyond these assumptions, you may want to consider getting professional financial advice.

Let's Calculate

$0 $1,000,000+

$0 $100,000+

$0 $7,000+

Your estimated
Life Insurance amount


Simply key in some information about your financial circumstances to the left, to find out how much Life Insurance you may need.

Your estimated
Life Insurance amount

Your remaining
Your monthly rent:
How much you owe in other loans:
Your monthly living expenses1:
Your estimated funeral expenses:

The above estimated cover is calculated based on a number of assumptions. If these do not apply to you the results you are able to amend based on your personal needs.

Amend Assumptions X

Average Inflation rate (%)

The increase in prices over time and how this affects the value of your money. Default rate is 2.10%, based on average forecast from the Reserve Bank of Australia (2019).

0% 5%

Coverage duration

The number of years you want your family to be covered for ongoing living expenses after your death.

1 20

Funeral expenses

The amount of money your family would need to organise a funeral and sort out other financial affairs immediately after your death.

$3,000 $15,000

1. Your living and ongoing expenses will be covered for a number of years after the event of death. The number of years is calculated by the number of years until your youngest child reaches 18, subject to a minimum of 5 years, unless otherwise adjusted.

Real Insurance provides this calculator to assist you to estimate your cover needs for Term Life Insurance. You may have other life insurance needs, such as income protection or total and permanent disability cover, which this calculator does not consider. This is a simple calculator based on market averages and does not take into account specific needs that you have which are out of the ordinary or not within scope of the questions asked.

Using this calculator does not constitute financial product advice and should not be used in place of seeking professional advice.

Your estimated cover need is calculated on the basis of a number of assumptions. If these do not apply to you the result you obtain may not be suitable to your needs.

The result you obtain from this calculator is dependent on the accuracy of the information you have provided and is relevant to your disclosed circumstances at a point in time. You should regularly revisit your insurance needs, particularly after making a significant lifestyle change such as upgrading your home.

The result you obtain from this calculator is not a quote for cover. You should be aware that most life insurers have eligibility requirements for cover, and many will require you to be underwritten prior to offering you cover. This may mean that you are not eligible for cover or the level of cover you can obtain may be lower than the result you obtain from this calculator.

The amount of cover you require is just one aspect to consider when taking out life insurance. You should consider the remaining features, benefits and risks associated with commencing cover by reading the Product Disclosure Statement of any product before committing to purchase it.