How much insurance do I need?
Working out how much cover you need isn’t hard, but it does take some thought. Every person's needs are different. To consider what your needs are you should think about what financial consequences there will be to those who are dependent on you if you were no longer available to support them.
Here are some things to consider.
- The number of children (or other dependants) and their ages
- Your total income
- Your assets
- Your outstanding debt
- Your family's annual expenses, including mortgage and car repayments
- Whether your surviving partner will need to pay for childcare or school fees
- Any cash you have already set aside to leave to your family
- Other funds that your family would potentially have access to, such as government payments, savings and your spouse’s salary
If you need, use our interactive life insurance calculator to give you a general estimate.
Once you have decided on the right level of cover for you, call 1300 377 325 now for more information.