Insurance Calculator disclaimer and assumptions

The purpose of this calculator is to assist you in estimating your current life insurance, total and permanent disablement (TPD) and income protection needs, as well as the cost of the insurance cover offered by AustralianSuper (except for cover available through the AustralianSuper Select Division).

Further information about the insurance cover available through AustralianSuper, and the costs, can be found here.

The estimated amount of cover does not take into account any existing insurance cover you might have through AustralianSuper, any another superannuation fund or outside superannuation. Furthermore, everyone’s insurance needs are different and the type of cover available will vary depending on the nature of your employment arrangements, age, education and eligibility criteria.

It’s important you evaluate the appropriateness of the insurance cover for your financial circumstances. You should consider the cost of cover over time as this may impact the amount of money you end up with in retirement. In addition, large amounts of cover or multiple insurance policies across different products may also impact your savings. Like most types of insurance cover, you have the option to change, review or cancel your cover at any time. It is worthwhile seeking financial advice if you do decide to make any changes.

Please take the time to read all the details about the calculator as set out below.

How it works

The calculator works by estimating the amount of cover based on the information you enter and a number of assumptions made by the calculator such as increases in the cost of living.

The information you enter includes details about your assets, liabilities, income and expenses. There are assumptions you cannot change (these are matters stipulated by legislation) and assumptions you can change (such as the rate of inflation you think might be relevant to you). The assumptions you can and cannot change are identified in the calculator. Where you do not vary the assumptions, the calculator will use the default assumptions.

The estimated cost of the cover is based on the current rates charged by AustralianSuper for the relevant products. These costs are only intended to be used as a guide to assist you in your decision making about your need for insurance and the impact on your future retirement savings.

Default assumptions

The default assumptions are those assumptions made by the calculator that will apply to the calculations unless you vary these under the ‘assumptions’ link in the calculator with the set parameters as follows:

Income protection benefit period - 2 years
Income protection waiting period - 60 days
Retirement age (years) - 65
Dependent defined age (years) - 22
Consumer Price Index (CPI) % - 2.5
Real interest rate (per annum) % - 4
Super contribution (from income protection) % - 10.5
Super (from Death/TPD) % - 10.5
Income protection replacement ratio % - 75
Do you want to reduce your TPD benefit with Income Protection benefits? - No
Additional disability expense % - 29
Funeral costs $ - 15,000

About this calculator

This insurance calculator has been made available to anyone by AustralianSuper Pty Ltd ABN 94 006 457 987, AFSL 233788, the Trustee of AustralianSuper ABN 65 714 394 898.

The calculator has been developed by TAL Life Limited, ABN 70 050 109 450 AFSL 237848 (TAL), whose copyright is reserved. TAL is responsible for the calculation methodology and the outcomes produced as a result of the information you add about your circumstances. The systems and logic included in the calculator are based on existing legislation as at the date of its preparation and does not take into account any subsequent or proposed legislative changes.

TAL is the insurer for all insurance cover provided through AustralianSuper to its members. However, the estimated amounts of insurance cover resulting from the use of the calculator are provided as a guide only and do not constitute a quote or guarantee that cover will be available to you. The estimated cover may be subject to underwriting assessment and approval by AustralianSuper and TAL. Premium loadings and/or policy exclusions may also apply.

While you complete this calculator, you will enter certain personal and financial information. TAL does not collect that information and it will not be available to any TAL representative that you may subsequently speak to. As such, you may be required to provide the same information at a later stage, especially if you are applying for underwritten insurance cover.

TAL does not accept any liability, either direct or indirect, arising from any person relying, either wholly or partially, upon any information, provided by, resulting from, shown in, or omitted from, the calculator. In no way will TAL be liable for any loss or damage caused by a user’s reliance on information obtained using this calculator.

Limitations

The estimates produced from the calculator are intended to be illustrative only based on the stated assumptions and limitations. The outcome is also limited by the accuracy of the data you enter into the calculator.

This calculator does not make any assumptions about you or your circumstances. It is not intended to be relied on for the purposes of making a decision in relation to a financial product and you should consider obtaining financial advice before making any decisions. You should always assess your own financial situation and needs and read the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) before deciding whether to acquire or hold a product. The TMD is a document that outlines the target market a product has been designed for.

The calculator uses various assumptions. These are based on a combination of government legislature, regulatory guidance and reputable surveys and studies. Changing the default assumptions may vary the results.

The calculator, including its underlying assumptions and methodology, has been prepared based on the legislative environment current as at July 2022. The legislative environment, along with your personal circumstances, can change suddenly and the calculator is unable to predict those changes.

Let's get started on your insurance costs

The calculator makes assumptions based on the information you enter to estimate how much it may cost to maintain your (and your family’s) lifestyle if something happens to you.

Please note that Internet Explorer 11 and below is not supported by this tool. Please use an alternate browser

Information about yourself


You need to be at least 15.
You need to be no older than 69.
Please enter your current age.
$
Max value is 99,999,999

Entry must be {{$ctrl.maximumDependentAge}} and under

Financial details

The calculator makes assumptions based on the information you enter to estimate how much it may cost to maintain your (and your family’s) lifestyle if something happens to you. You can choose to enter a total figure or work through each question. The more detailed information you provide, the more reliable the calculation of your insurance needs will be.


Income & expenses
$
Your salary must be greater than zero.
Your income exceeded the maximum value of $999,999,999.99 annually.
You must enter a value for your income.
$
Your partner’s income exceeded the maximum value of $999,999,999.99 annually.
$
Your other income exceeded the maximum value of $999,999,999.99 annually.
$
$
The maximum total expenses allowed is $999,999,999.99
Total income must not be less than your expenses.
Assets & debts
$
The maximum total assets allowed is $9,999,999,999.99
$
The maximum total debts allowed is $9,999,999,999.99

Calculated insurance cover

This insurance cover estimate has been calculated using the information you entered. It should only be used as a guide. The values are representative of those applicable to AustralianSuper and you may be able to access different cover and costs from another provider. You should compare the values provided here with the values of other products you may be considering.


If you were to suffer from a disability, you may incur additional expenses like to allow wheel chair access. Below is an estimate of the average additional expense. The amount you need may change depending on the type of disability. You can choose the amount you think you might need.

$
Explanation of the extra disability calculation

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Cost of your insurance

The kind of work you do can impact the cost and type of insurance cover. By entering information about the relevant plan that applies to you and what insurance cover you need the calculator can work out the approximate cost. The calculation below is an estimate. This is not a quote and should be used as a guide only.

Insurance information


  • {{occupationData.description}}
$
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Death cover

$
Please select an amount of cover that is $0 or more
Please select an amount of cover that is $10,000,000 or less
Please select an amount of cover between $0 and $10,000,000
Total weekly cost
Cover Unavailable
Less than $0.01 {{$ctrl.totalDeathCoverWeeklyPremium | currency}}

Total & Permanent Disablement cover

$
Please select an amount of cover that is $0 or more
Please select an amount of cover that is $3,000,000 or less
Please select an amount of cover between {{0 | currency:'$':'0'}} and {{$ctrl.isDeathCoverAmountExceedingMaxTpdCoverAmount() ? $ctrl.totalDeathCoverAmount : $ctrl.maxTpdCoverAmount | currency:'$':'0'}}
{{$ctrl.tpdGreaterThanDeathError}}
Total weekly cost
Cover Unavailable
Less than $0.01 {{$ctrl.totalTpdCoverWeeklyPremium | currency}}

Income Protection cover

$
Please select an amount of cover that is $0 or more
Please select an amount of cover that is $30,000 or less
Please select an amount of cover between $0 and $30,000
{{$ctrl.incomeProtectionWarningThresholdErrorMessage}}
Total weekly cost
Cover Unavailable
Less than $0.01 {{$ctrl.incomeProtectionWeeklyPremium | currency}} Cover Unavailable

Total cost summary

Cover Cover amount Total weekly cost
Basic (automatic) death cover* Fixed (automatic) death cover* {{$ctrl.roundNumberToNearest($ctrl.basicDeathCoverAmount,1000) | currency:'$':0}} {{$ctrl.basicDeathCoverAmount | currency:'$':0}} {{$ctrl.basicDeathCoverAmount | currency:'$':0}}

Total weekly cost

{{$ctrl.basicDeathCoverWeeklyPremium | currency}}
Basic (automatic) TPD cover* Fixed (automatic) TPD cover* {{$ctrl.roundNumberToNearest($ctrl.basicTpdCoverAmount,1000) | currency:'$':0}} {{$ctrl.basicTpdCoverAmount | currency:'$':0}} {{$ctrl.basicTpdCoverAmount | currency:'$':0}}

Total weekly cost

{{$ctrl.basicTpdCoverWeeklyPremium | currency}}
{{$ctrl.roundNumberToNearest($ctrl.basicIncomeProtectionCoverAmount,1000) | currency:'$':0}} {{$ctrl.basicIncomeProtectionCoverAmount | currency:'$':0}} {{$ctrl.basicIncomeProtectionCoverAmount | currency:'$':0}}

Total weekly cost

{{$ctrl.basicIncomeProtectionCoverWeeklyPremium | currency}}
Death cover {{$ctrl.roundNumberToNearest($ctrl.voluntaryDeathCoverAmount, $ctrl.deathAmountInterval) | currency:'$':0}}

Total weekly cost

{{$ctrl.voluntaryDeathCoverWeeklyPremium | currency}}
Total & Permanent Disablement cover {{$ctrl.roundNumberToNearest($ctrl.voluntaryTpdCoverAmount,$ctrl.tpdAmountInterval) | currency:'$':0}}

Total weekly cost

{{$ctrl.voluntaryTpdCoverWeeklyPremium | currency}}
Monthly Income Protection cover* {{$ctrl.voluntaryIncomeProtectionCoverAmount | currency:'$':0}}

Total weekly cost

{{$ctrl.voluntaryIncomeProtectionCoverWeeklyPremium | currency}}

This print out is not a quote

{{$ctrl.waitingPeriodDisclaimer}}

This print out is not a quote

{{$ctrl.unitizedDisclaimer}}

{{$ctrl.baseDisclaimer}}

{{$ctrl.waitingPeriodDisclaimer}}

Total weekly cost
{{$ctrl.calculateTotalWeeklyPremium() | currency}}
{{$ctrl.monthlyPremiumFromAnnualMessage}}

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