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:

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.