Insurance needs calculator

Insurance cover can give you peace of mind knowing that you and your dependants will be looked after if you can no longer earn an income if you die, or become disabled.

The Insurance needs calculator will use some personal details and some financial details to help you work out how much death, total and permanent disablement (TPD) and salary continuance insurance you may need. Any insurance cover you request may be subject to assessment and approval by us and the insurer.

The data you provide within this Insurance needs calculator will be used solely for the purpose of producing the calculated cover and will not be used for any other purpose.

Personal details

Tell us about yourself and your dependants.

Your details

As you have reached age , you are not eligible to take out cover. This section of the calculator will not be displayed.

If you have a dependent spouse or partner, income support for them also ceases at age by default. You can adjust this age using the notes and assumptions link above.

Your dependants

Financial position

Tell us about your financial position.

Assets

Assets Include Spouses/Partners

Debts

Debts Include Spouses/Partners

Current cover

Current cover Only yours

Calculated cover

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    DEATH COVER

    You're projected to need $1,000,000

    That's $600,000 more than your current cover of $400,000.

    Death cover provides a lump sum amount if you pass away. The lump sum helps protect your loved ones if you are diagnosed with a terminal illness or pass away.

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    TPD COVER

    You're projected to need $1,000,000

    That's $600,000 more than your current cover of $400,000.

    Total and Permanent Disablement (TPD) cover provides a lump sum amount if you were to ever suffer a serious injury or sickness. The lump sum amount can help to pay any debts or bills, other expenses such as medical expenses and to invest to provide an ongoing income.

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    SALARY CONTINUANCE

    You're projected to need
    $2,000 per month

    That's $600,000 more than your current cover of $400,000.

    Salary Continuance provides you with a monthly income while you are unable to work due to sickness or injury that deems you to be totally or partially disabled.

Speak to Equip about your insurance - phone number to Helpline 1800 682 626


Notes & Assumptions

Assumptions

Important information for you

The calculator uses the following assumptions to calculate your required cover. You can change the values of these important assumptions:

Calculation Methodology

The following assumptions have been made when making these calculations. You can change the values indicated with an asterisk {*} (the default values are shown below).

Death & TPD Cover

The "calculated" levels of Death and TPD covers provide for:

  • Debt repayment;
  • Death or TPD expenses;
  • Income for children (where applicable); and
  • Income for spouse/partner (where applicable)

The total calculated cover is the sum of the above components. As these types of cover provide a lump sum payment, a lump sum equal to the present value of future income for spouse and children is included in the "calculated" cover where applicable, as described below.

The calculated levels of these components are determined for you as set out below.

Debt repayment

The levels of debt repayment are initially set to the amount by which your current debts exceed your assets.

Death or TPD expenses

The levels of cover for Death or TPD expenses are initially set to {*} for Death and {*} for TPD.

Income for spouse/future income on TPD

Cover for future income for your spouse or partner (or for you on TPD if you have selected not to provide cover for a spouse) is calculated as the amount needed to fund an annual income equal to the amount selected (and increasing by {*} per year), up to your th{*} birthday.

The initial level of income is calculated as {*} of your income (as entered by you on the Personal Details page).

It is assumed that the insurance amount will be invested and will earn an investment return of {*} p.a. after tax in future years. Future income is assumed to grow at p.a.{*}

Income for children expenses

Cover for future expenses for each dependent child (aged less than {*}) is defaulted to be the amount needed to fund the ongoing expenses up until the child turns 21{*}.

The initial level of expenses are calculated as {*} of your income (as entered by you on the Personal Details page) for each child) which increases by {*} per year up to age 21{*}. No additional allowance is made for more than 5 children.

The age of each child is assumed to be {*} years older than the next youngest, but capped at age 21.

It is assumed that the insurance amount will be invested and will earn an investment return of {*} p.a. after tax in future years. Future income is assumed to grow at {*} p.a.

Minimum level of cover

Maximum level of cover

This tool is intended to provide broad guidance on the level of insurance cover required to meet debt obligations and replace a portion of income in the event of Death and TPD or temporary disablement. The calculated cover is not a recommendation and is not intended to be an exact figure. It is an estimate which does not take your needs into account and does not constitute financial advice.

Death and TPD cover has been rounded to increments of $10,000.

Separate advice should be sought regarding the need for any other insurance such as Private Health Insurance.

All figures are gross of tax. No allowance is made for your particular tax circumstances or for the taxation of insurance benefits, either inside or outside superannuation. Generally, Death and TPD insurance benefits will be taxed at a lower rate than the income they are replacing. Please seek separate tax advice in relation to insurance benefits.

No allowance has been made for any social security benefits to which you may be or become entitled.

No assessment is carried out as to the availability of cover. Cover may not be available to some customers either for health reasons or due to their occupation.

You should consider obtaining advice from a licensed financial adviser before making any decision. A financial adviser may be able to help you understand the exact level and type of cover you need, including a need for any other insurance and taxation advice. To the maximum extent permitted by law, Rice Warner, Hannover Life Re of Australasia Ltd and Togethr Trustees Pty Ltd take no responsibility for reliance by any person on the information in or relating to this calculator.

Your Needs

You should reassess your insurance needs regularly as your circumstances may change. Also, while the assumptions underlying this calculator are considered reasonable at the present time, these assumptions may be reviewed in future.

Disclaimer

This calculator is intended to give you an idea of the insurance cover you might need to meet your debt obligations and replace a portion of income if you die, or become disabled.

The estimated amounts of insurance cover based on the information entered are provided as a guide only and is not intended to represent personal financial advice. It does not take into account all of your objectives, financial situation or needs, and therefore you should consider obtaining professional advice from a licensed financial adviser before making any decisions about your personal insurance needs. It is important for you to consider these matters and obtain, and consider the relevant Product Disclosure Statement (PDS) before you make a decision related to an insurance product. Due to changes to your personal circumstance, changes to legislation or changes to the assumption within the calculator, this estimate is only relevant at the date you use this calculator.

The projected Death and Total and Permanent Disablement (TPD) cover is not intended to be an exact figure and has been rounded to the nearest $10,000. All figures are gross of tax.

No allowance is made for your tax circumstances or for the taxation of insurance benefits, either inside or outside superannuation. Generally, Death and TPD insurance benefits are taxed at a lower rate than the income they are replacing. Please seek separate tax advice in relation to insurance benefits.

No allowance has been made for any social security benefits to which you may have or become entitled to.

No assessment is carried out as to the availability of cover. Cover may not be available to some members either for eligibility reasons, health reasons or due to your occupation.

You should consider obtaining advice from a licensed financial adviser before making any decision. A financial adviser may be able to help you understand the exact level and type of cover you need, including a need for any other insurance and taxation advice. To the maximum extent permitted by law, Rice Warner, Hannover Life Re of Australasia Ltd and Togethr Trustees Pty Ltd take no responsibility for reliance by any person on the information in or relating to this calculator.

Your Needs

You should reassess your insurance needs regularly as your circumstances may change. Also, while the assumptions underlying this calculator are considered reasonable at the present time, these assumptions may be reviewed in future.

By clicking on the 'Close' button you acknowledge and accept the terms of the disclaimer.

You can now:

  • Seek financial advice on your insurance needs (click the 'Cancel' button below to end the current process); or
  • Speak to a Maritime Super financial planner to assess your insurance needs by calling 1800 757 607 to be put in touch with a planner; or
  • Get a quote by clicking the 'Get A Quote' button (take note of how much insurance you may need as your information will not be transferred.

The Insurance needs calculator is not intended to be relied on for the purposes of making a decision in relation to an insurance product and you should consider obtaining advice from a financial services licensee before making any decision.

You can now:

  • Speak to someone about your insurance needs by calling 13 11 84.
  • Get a quote by clicking the 'Get A Quote' button (take note of how much insurance you may need as your information will not be transferred.

The Insurance needs calculator is not intended to be relied on for the purposes of making a decision in relation to an insurance product and you should consider obtaining advice from a financial services licensee before making any decision.

You can now seek financial advice on your insurance needs (click the 'Cancel' button below to end the current process); or

  • REST Super members only: obtain a quotation by clicking the 'Get Quote' button below (note that this will close the calculator and you will lose any data you entered).
  • REST Select and Corporate members: obtain a quote by contacting REST and click the 'Cancel' button below to end the current process.