Welcome and congratulations on making the decision to look into your life insurance needs.
There are many types of life insurance benefits available in the market and no product is identical to another. The Trustee does not intend that this calculator will influence your decision about your super or any financial product and no such intention should be inferred.
This insurance calculator can provide you with an estimate of your current life insurance, total and permanent disablement (TPD) and income protection needs. 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. 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 of the details about the calculator – how it works, the conditions and limitations.
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.
The cost of cover tool provides factual information about the costs of cover by applying the information that you enter.
The estimated outcome produced from the calculator is intended to be illustrative only based on the assumptions 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.
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 insurer underwriter for all 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.
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.
This calculator is provided by TAL Life Limited (ABN 70 050 109 450 AFSL number 237848) for and on behalf of LGIAsuper Trustee ABN 94 085 088 484, AFS Licence No. 230511, LGIAsuper ABN 23 053 121 564
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.
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.
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.
To view example calculations, click here
You may need Death only cover of:
Death insurance can provide financial security for your family.
You may need Total and Permanent Disablement (TPD) cover of:
TPD insurance can provide financial security for your future if you become totally and permanently disabled and can never work again.
You may need Income Protection (IP) cover of:
Income Protection can provide you with an income if you become disabled or ill and are temporarily or permanently unable to work.
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.