43% say they would feel the financial impact of death of the primary breadwinner in 6 months or less.

You may think life insurance is important later in life, but financial security is important for everyone, no matter what stage of life you are in. If you have loved ones that depend on you to provide for them, then you owe it to yourself to consider life insurance.

Consider how you would cope financially if you suffered a debilitating illness or accident that meant you were unable to work for a long period of time? Or if you unexpectedly pass away, how would your family manage without your income?

In 2013 alone there was a total of 85,329 claims made by Australians on life insurance policies.1

In the meantime, to help get you started, you can input your details into our handy calculator by clicking through the link below to get an estimate of the life insurance coverage you might need based on your situation.2

 

Insurance Needs
for Each Stage of Life

Young single professional

  • Age 25–34

Average rent:

  • Median Australian city weekly rental: $4814

Has moved out of home

Full-time employee

Rents an apartment

Likes to socialise and go out for meals

Debts/Expenses:

  • Student loans
  • Credit card
  • Car loan

Insurance products that might suit people like this:

Couple with no kids

  • Age 25–34

Likely to own an apartment

Average loan amount:

  • $363,3005

Thinking of starting a family

Likes to socialise, and go out for meals

Debts/Expenses:

  • Mortgage
  • Car loan
  • Student loans
  • Credit cards

Insurance products that might suit people like this:

Working parent with dependants

  • Age 35–44

Likely to own a house

Average loan amount:

  • $363,3005
  • 29.75% of loans lodged in 2015 were for ‘upgraders’,5 who were buying a bigger property that suited their growing needs.

Has dependants

Tend to stay home more, may have friends over as opposed to going out

Debts/Expenses:

  • Mortgage/rent
  • Car loan
  • Credit cards
  • Increased living expenses based on number of dependants

Insurance products that might suit people like this:

Middle-aged working parent with dependants

  • Age 45–54

Likely to own a house

Average loan amount:

  • $363,3005
  • 35.5% of loans lodged in 2015 were for ‘refinancers’5

Tend to stay home more, may have friends over as opposed to going out

Debts/Expenses:

  • Mortgage/rent
  • Car loan
  • Credit cards
  • Increased living expenses based on number of dependants

Insurance products that might suit people like this:

Older worker with no dependants

  • Age 55–64

Likely to own a house

Average loan amount:

  • $363,3005
  • 39.5% of loans lodged in 2015 were for ‘investment properties’5

May also/or own an investment property

Children may still live at home, but are likely more self-sufficient

More social, will go out or invite people over in equal measure

Debts/Expenses

  • Mortgage/rent
  • Credit cards
  • Decreased living expenses based on number of dependants

Insurance products that might suit people like this:

Elderly with no dependants

  • Age 65+

Have likely downsized to a smaller house or an apartment

Average loan amount:

  • $363,3005

Retired

Income received from pension

Debts/Expenses:

  • Mortgage/rent
  • Credit cards

Insurance products that might suit people like this:

Life Insurance Calculator

Click to start Life Insurance Calculator

This is general information only and does not take into account your personal objectives, financial situation or needs. You should consider the relevant PDS available on this website prior to purchasing any product.

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 the 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 results 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 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. For more information please download the Real Family Life Cover PDS.

References
  1. Life, Income Protection, TPD and Trauma Insurance Claims Made in Australia in 2013Rate Detective
  2. Subject to underwriting criteria
  3. 2015 Insurance Barometer StudyLife Happens
  4. Renting now a whole lot cheaperCoreLogic
  5. 5600.0 Housing Finance AustraliaAustralian Bureau of Statistics
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