Disclaimer

Welcome and congratulations on making the decision to look into your life insurance needs.

Purpose

There are many types of life insurance benefits available in the market and no product is identical to another. Aware Super (the Fund) does not intend that this calculator will influence your decision about your super or any financial product and no such intention should be inferred.

The insurance calculator can provide you with an estimate of your current insurance needs. The results are based on your answers to a set of basic questions such as your age, salary, income and expenses.

The cost of cover tool can assist you to work out the premiums you may pay with Aware Super for the type and amount of insurance cover you select. The results are based on answers to questions about your occupation and employment.

Neither the insurance calculator nor the cost of cover tool incorporates features of Police Blue Ribbon insurance cover or Ambulance Officers' insurance cover.

You should also read the Aware Super Member Booklets for your membership division and more information about the insurance cover available through the Fund by visiting the Aware Super website.

The calculated cover does not take into account any existing cover you might have, whether held outside or inside superannuation.

It’s important you evaluate the appropriateness of insurance to your financial circumstances so you should consider the cost of cover over time as this may impact the amount of money you end up with in retirement. Large or multiple amounts of insurance cover may erode savings you will have available for your income when you stop working. Like most types of insurance, you have the option to change, review or cancel at any time.

The calculated type and amount of cover is not a recommendation or an opinion about appropriateness of the cover and is not intended to be an exact figure. It does not take your financial needs into account and is purely based on the information entered and the assumptions. Your decisions should not be made in reliance on the results produced. You should consider obtaining professional advice from a licensed financial adviser before making any decisions about your insurance, the need for any other types of insurance or for any replacement of insurance.

Please take time to read all the details about the calculator – how it works, the conditions and limitations.

How it works

The cost of cover tool provides factual information about the costs of cover by applying the information that you enter and a number of key assumptions, which are based on a combination of government legislature, regulatory guidance and reputable surveys.

The way the calculator works is by estimating amounts based on a combination of factors entered by you and a number of assumptions. Key assumptions, such as the costs associated with living, can change.

The factors to be entered by you include information about your assets, liabilities and income. There are assumptions you cannot change (these are matters fixed 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 factors you can enter and the assumptions selected have both been chosen based on a reasonable appraisal of circumstances commonly taken into account when people consider the protection life insurance can provide. The default assumptions are based on a combination of government legislature, regulatory guidance and reputable surveys and studies.

Conditions and limitations

The estimated outcome produced from the calculator is intended to be illustrative only based on the assumptions applicable at the date of its preparation and limitations set out. The outcome is also limited by the accuracy of the data you enter into the calculator.

The calculator does not make any assumptions about you or your circumstances. Before making any financial decisions consider your own financial circumstances, needs and objectives and consider getting professional financial advice.

The calculator bases the estimates on the legislative environment current at the date of its preparation. This legislative environment, along with your personal circumstances, can change suddenly and the calculator is unable to predict those changes. It is also subject to a limitation that its estimates only take into account the general features of the life insurance product benefit types in the Fund.

About this calculator

This insurance calculator has been made available to anyone by the Trustee.

It 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 at the date of its preparation and do not take into account any proposed legislative changes.

TAL is the current insurer and underwriter for insurance cover provided through the Fund. As such, 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 the cover that will be available to you. The estimated cover may be subject to underwriting assessment and approval by the Trustee 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 will not make it available to a TAL representative that you may subsequently speak to in regards to your quote or an application. As such, you may be required to provide the same information at a later stage, especially if you are applying for underwritten insurance cover.

General advice warning

The information presented in this calculator contains general advice that has been prepared without taking account of your objectives, financial situation or needs. Before acting on the information or deciding whether to acquire or hold a product, consider its appropriateness and the relevant Product Disclosure Statement (PDS), which is available on this website. The cost of providing financial services is included in the fees in the Fund as disclosed in the relevant PDS.

Neither the Trustee nor TAL 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 the Trustee or TAL be liable for any loss or damage caused by a user’s reliance on information obtained using this calculator.

Aware Super Pty Ltd ABN 11 118 202 672, AFSL 293340 (Trustee), trustee of Aware Super ABN 53 226 460 365 (Fund).

Let's get started on your insurance cover and costs

Personal Details

To start we need to know a few things about you so we can estimate the cost of maintaining your (and your family's) lifestyle if you die or suffer a disability and can no longer work.


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

If you were to suffer a disability or die, you (or your family) may still have expenses and debts that will need to be paid. You can choose to enter a total figure or work through each question. The more detailed information you provide, the more reliable our guide for your insurance needs will be.

Some assumptions have been made to determine how much insurance you might need. Please ensure you have reviewed these assumptions and alter them specifically for your own circumstances, click here.


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

The summary below is an insurance cover estimate that has been calculated using the information you have provided. It should only be used as a guide and not advice.

You may need Total and Permanent Disablement (TPD) cover of:

{{$ctrl.calculateTpd() | currency:undefined:'0'}}

TPD insurance can provide financial security for your future if you become totally and permanently disabled and can never work again.

  • TPD cover may provide you with a lump sum payout. This can provide you and your dependants with money to live on. It can also help you pay for medical expenses and aids, or any extra support you might need. Definitions are outlined in the Product Disclosure Statement.
  • To apply for TPD cover you will need to apply for the equivalent amount of Death cover, as TPD cover is only available bundled together with Death cover.
  • Amount for future expense {{$ctrl.calculateFutureExpensesTpd() | currency:undefined:'0'}}
    Plus extra disability expense {{$ctrl.calculateExtraDisabilityTpd() | currency:undefined:'0'}}

    Less Income protection cover -{{$ctrl.calculateLessIncomeProtectionCover() | currency:undefined:'0'}}

You may need Income Protection (IP) cover of:

{{$ctrl.calculateIp() | currency:undefined:'0'}} per month

Income Protection can provide you with an income if you become disabled or ill and are temporarily or permanently unable to work.

  • IP may give you a monthly income for a period of time to help you get back on your feet. Definition and conditions for benefits and payments are outlined in the Product Disclosure Statement.
  • Based on an income protection replacement ratio of {{ $ctrl.percentageOfIncome}}% of current monthly income.
  • Based on a benefit period of {{ $ctrl.benefitPeriod}} and a waiting period of {{ $ctrl.waitingPeriod}}.
{{$ctrl.updateNeedsIncomeProtectionList()}}

If you suffer from a disability, TPD insurance cover may provide you with a lump sum payout, however, you may incur extra expenses greater than the TPD benefit amount (for example, to allow wheel chair access). You can increase the TPD insurance cover estimate to include these extra disability expenses, by changing the below No button to Yes.

$
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. Please confirm the amount of cover you require below. The estimated premium is calculated based on our Insurer's rates. When applying for insurance our Insurer makes a determination based on the information you provide us. The actual premium applicable may be higher or lower depending on your individual circumstances. This is not a quote and should be used as a guide only.

Some assumptions have been made to determine how much insurance you might need. Please ensure you have reviewed these assumptions and alter them specifically for your own circumstances, click here.

Insurance information


  • {{occupationData.description}}
$
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Death only 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 $10,000,000
Estimated Monthly cost
Cover Unavailable
No Premium {{$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 $5,000,000 or less
Please select an amount of cover between {{0 | currency:'$':'0'}} and {{$ctrl.isDeathCoverAmountExceedingMaxTpdCoverAmount() ? $ctrl.totalDeathCoverAmount : $ctrl.maxTpdCoverAmount | currency:'$':'0'}}
{{$ctrl.tpdGreaterThanDeathError}}
Estimated Monthly cost
Cover Unavailable
No Premium {{$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 $50,000 or less
Please select an amount of cover between $0 and $50,000
{{$ctrl.incomeProtectionWarningThresholdErrorMessage}}
Estimated Monthly cost
Cover Unavailable
No Premium {{$ctrl.incomeProtectionWeeklyPremium | currency}}

Total cost summary

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

Estimated Monthly 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}}

Estimated Monthly cost

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

Estimated Monthly cost

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

Estimated Monthly cost

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

Estimated Monthly cost

{{$ctrl.voluntaryTpdCoverWeeklyPremium | currency}}
Monthly income protection cover {{$ctrl.voluntaryIncomeProtectionCoverAmount | currency:'$':0}}

Estimated Monthly 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}}

Estimated Monthly cost
{{$ctrl.calculateTotalWeeklyPremium() | currency}}
{{$ctrl.monthlyPremiumFromAnnualMessage}}

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