Life insurance calculator

If you have a family who depend on your income, then you should have life insurance in case something happened to you. But how much is enough? Use this calculator to get an indication of what level of life insurance you may require to meet you and your family’s needs.

Based on the information provided, the following table outlines your recommended level of Term Cover life insurance.

Cover required to pay off outstanding debt	$
Cover required for ongoing household expenses	$
Cover required for funeral costs	$
Cover required for future expenses	$
Existing cover/assets which could be used	$

Total level of cover recommended	$


How to apply

To get a quote or to apply for TermCover Life insurance cover, you can either:
Call us now on 0800 400 600 (7am - 11pm. 7 days), or Visit your nearest Westpac branch

Note: This calculator is intended as a guide only and is not to be considered as an offer of insurance cover by Westpac or any other party. The availability of any insurance cover is subject to the acceptance and approval of a complete application. Terms, conditions, exclusions and limits apply. More detail can be found in the policy document, which may be obtained from any Westpac branch free of charge.

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To cover your debts

How much money do you/your family currently owe?
(e.g. home loan balance, personal loans, Credit cards, overdrafts, hire purchase etc.) $ total

To cover daily expenses/replace your income

How much money do you spend each month on household living expenses?
(e.g. food, clothing, petrol, regular bills, childcare, insurance, education, etc. Do not include loan payments) $ per month

How much money would be needed to cover any new expenses if something happened to you?
(e.g. increased childcare, house maintenance, etc.) $ per month

For how many years would you like your household expenses to be covered for?
(e.g. until your partner’s retirement age; until youngest child reaches 18 yrs) years

How much annual income would your family continue to receive after your death (after tax)?
(e.g. your partner’s income, investment dividends etc.) $ a year

Funeral costs

How much money would you like put aside to cover funeral expenses and any other associated costs?
(A recommended figure is $10,000.) $

Discretionary cover for future expenses

Do you want to provide a lump sum for your family’s future expenses? If so, how much?
(e.g. to buy a new car, new appliances, holidays etc.) $

Do you want to provide a lump sum for your partner’s retirement? If so, how much?
(Consider the number of years this is to provide income for ) $

Do you want to provide a lump sum for your children’s education? If so, how much?
(e.g. private schools, tertiary studies etc.) $

Current cover/assets

Do you already have life or loan insurance cover? If so, how much? $

Do you have any assets that can be sold in the event of your death? If so, what is their value?
(e.g. boat, hobby equipment etc.) $

Do you have any savings or investments that can be used in the event of your death? If so, what is their value? $

Note: This calculator is intended as a guide only and is not considered as an offer of insurance cover by Westpac or any other party. The availability of any insurance cover is subject to the acceptance and approval of a complete application.The information on this page is presented subject to our legal page and any other terms and conditions that Westpac may impose from time to time. It is subject to change without notification.

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Life insurance calculator