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Life Insurance calculator

Estimate how much Life Insurance you may need in about 10 minutes

Why use a life insurance calculator?

Life insurance can help look after you and your family’s financial future if something unexpected happens.

Life cover pays a lump sum in the event of your death or if you're diagnosed with a Terminal Illness.1 The lump sum payment can be used however you choose, and can help cover things like mortgage payments, school fees, bills, groceries, other living expenses, and funeral costs.

When you take out life insurance, it’s important the amount you’re insured for reflects what you’ll need to keep you or your loved ones financially secure.

Need help or have a question about life insurance? We’re here to help. Speak to one of our insurance specialists.
13 1000

How much life insurance cover do you need?

How much Life, Permanently Unable to Work, and Critical Illness cover you need depends on your individual circumstances. Some of the things you can consider include:
  • what works within your budget
  • whether or not you have dependents, for example a spouse, partner, or children, who rely on your income
  • whether or not you have a mortgage or any other debts, such as credit cards or other loans, that you’re responsible for
  • if you hold any life insurance cover through your superannuation fund

Life Insurance calculator

ASIC’s Money Smart website has a Life Insurance calculator, which can help you work out whether you need life cover, what expenses you want your policy to cover after you die and how much life cover you might need.

Money Smart Life Insurance calculator

To get an estimate of how much life cover you need, you’ll need to enter some basic information about the number of dependants you have, your insurance needs, and financial situation.
GET YOUR ESTIMATE

Disclaimer: The ASIC Money Smart website is provided by the Australian Securities & Investments Commission. It is independent from Allianz Australia Life Insurance Limited ABN 27 076 033 782 AFS Licence No. 296559 (“Allianz Life”) and Allianz Life makes no warranties regarding the information contained in the website. Before you rely on this information, review the assumptions and disclaimers on the website.

If you’re unsure about the level of cover you need, speak with a financial adviser before deciding on appropriate insurance cover.

Man holding his son

Life cover

Apply for up to $1.5m depending on your age to cover death or Terminal Illness, where death is likely to occur within 24 months.1,2,3
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Woman giving a child a piggyback

Critical Illness cover

Apply for up to $500,000 depending on your age to cover defined Critical Illness events.2,3,4
LEARN MORE
Man in a wheelchair with his dog

Permanently Unable to Work cover

Apply for up to $1.5m depending on your age to cover if you’re unlikely to ever work again because of sickness or injury.2,3,5
LEARN MORE
This is a summary of only some of the features and benefits available on Allianz Life Plan. Before deciding on a policy, read the Product Disclosure Statement (PDS) which sets out the standard terms, conditions, limits, definitions, exclusions, waiting periods, exclusion periods and information about taking a combination of cover. If you consider it appropriate, speak with a financial adviser before deciding on any cover.

Why choose us?

World's #1 insurance brand

Allianz Life is part of Allianz Group, which has been recognised as the world's top insurance brand by Interbrand's Best Global Brands 2023

Pay monthly at no extra cost6

When you buy or renew, you have the flexibility to pay annually or monthly at no extra cost

Specialist assistance

Our team of specialists understands the importance of Life Insurance and is here to help

Life Insurance Code

We’ve been a Life Insurance Code of Practice Subscriber since 2017

Frequently asked questions

While your Policy is current, you can apply to increase your cover or add a benefit at any time. Your application will be subject to our normal assessment process and eligibility criteria, so increases aren't guaranteed.

Any cover you already have in place will be unaffected by future applications for increases, even where we decline ‎the increase or agree to cover you subject to special terms.

Life Event Benefit Increases may also be available, refer to the ‘Life Event Benefit Increases’ section in your Product Disclosure Statement for more details and to see if this applies to your policy. Limits, exclusions and other conditions apply.

In respect of the increase in cover:

  • exclusions apply to all covers
  • exclusion periods apply to certain Critical Illnesses4
  • waiting periods apply to Permanently Unable to Work5 benefits

Refer to the ‘When is a benefit not payable (policy exclusions)?’ section and information on each cover under the ‘Policy benefits’ section in your Product Disclosure Statement for full details.

To apply for an increase, contact us on 13 1000.

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*Conditions apply

  1. Life cover and Terminal Illness
    A Terminal Illness means a Sickness which is likely to result in your death within 24 months. This requires the written opinion of a Specialist supported by reasonable medical evidence in relation to your life expectancy.

    Terms, conditions, limits and exclusions apply. Refer to Policy benefits ‘Life cover’ and ‘When is a benefit not payable (policy exclusions)?’ sections of the Product Disclosure Statement for full details.

  2. Cover amounts
    Maximum cover amounts apply and are dependent on your age at the time of application. The Critical Illness cover amount and Permanently Unable to Work cover amount can’t exceed the Life cover amount. The minimum cover amount for Critical Illness cover is $50,000, and $100,000 for Life cover and Permanently Unable to Work cover.

    The maximum total amount payable under a policy is the Life cover amount listed on the Policy Schedule. Other conditions apply. Refer to the 'How much cover can I apply for?' and 'Maximum benefits payable' sections in the Product Disclosure Statement for full details.

  3. Combination of cover and Life cover Buy Back
    Policies must include Life cover; taking a combination of cover you can also apply to add Critical Illness cover and Permanently Unable to Work cover. If we make a full Life cover payment in the event of death or Terminal Illness, then the Life Insured’s policy will cease. Any payment for Critical Illness cover or Permanently Unable to Work cover will reduce any other covers by that payment amount. If a payment made under the Critical Illness cover or Permanently Unable to Work cover reduces any other cover amount to $0, then that cover will cease for the Life Insured.

    If Critical Illness cover or Permanently Unable to Work cover is paid in full, we may reinstate the Life Cover Amount that was reduced because of the Critical Illness or Permanently Unable to Work payment after a 12-month waiting period. Critical Illness cover and Permanently Unable to Work cover won’t be reinstated as part of the Life cover Buy Back feature. This feature is not included in all policies

    Refer to the 'Taking a combination of cover' and the 'Life cover Buy Back' sections in the Product Disclosure Statement for full details.

  4. Critical Illness cover
    Critical Illnesses covered under this product are certain types of Vascular Disease, Cancer of specified severity, Degenerative Diseases, Cardiac Surgery, and Major Organ Failure. Each has a specific definition as outlined in the Product Disclosure Statement.

    In some cases, a 90-day exclusion period applies.

    We won’t pay a Critical Illness benefit where the Critical Illness is intentionally self-inflicted.

    Refer to the Policy benefits ‘Critical Illnesses cover’, ‘When a Critical Illness benefit will be payable’ and ‘When is a benefit not payable (policy exclusions)?’ sections of the Product Disclosure Statement for full details.

  5. Permanently Unable to Work cover
    Provides cover if, solely because of Sickness or Injury, you suffer a defined Major Physical Impairment, or you have:

    • been continuously unable to work for a period of at least 90 consecutive days; and
    • are unlikely ever to work again in any occupation for which you are suited based on your work experience, education and any training you’ve had.

    To apply for Permanently Unable to Work cover you must be working on a permanent basis in an eligible occupation type for at least 20 hours per week. We won’t pay a Permanently Unable to Work benefit where the condition is intentionally self-inflicted.

    Refer to the Policy benefits ‘Permanently Unable to Work cover’, ‘When a Permanently Unable to Work benefit will be payable’ and ‘When is a benefit not payable (policy exclusions)?’ sections in the Product Disclosure Statement for full details.

  6. Pay by instalments
    Premiums payable by instalments may be subject to minor adjustments (upwards or downwards) due to rounding, and financial institution transaction fees may apply.
Allianz acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Custodians of the lands on which we live and work across Australia. We pay our respect to First Nations Elders past and present.



Any advice here does not take into account your individual objectives, financial situation or needs. Terms, conditions, limits, and exclusions apply. Before making a decision about this insurance, consider the relevant Product Disclosure Statement (PDS)/Policy Wording and Supplementary PDS (if applicable). Where applicable, the PDS/Policy Wording, Supplementary PDS and Target Market Determination (TMD) for this insurance are available on this website. We do not provide any form of advice if you call us to enquire about or purchase a product.

Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No. 234708 is the insurer of any general insurance products offered, and Allianz Australia Life Insurance Limited ABN 27 076 033 782 AFS Licence No. 296559 is the insurer of any life insurance products offered. Each entity is responsible for any statements and representations made about its products, on this website.