Calculate your insurance needs

Your details
Dependants
Assets & debts
Existing covers

Your details
Dependants
Assets & debts
Existing covers

Your details

0% Complete
Dependants

0% Complete
Assets & debts

0% Complete
Existing covers

0% Complete

All questions are mandatory unless marked as optional.

About you

Your date of birth

Your gender

Male

Female

Intersex

What was your gender at birth?

Male

Female

Your employment

Do you work less than 15 hours a week?

Yes

Do you work as a Casual or contract employee?

Yes

Your occupation

This means your current occupation that you are working in at the time of application.

Selected Occupation - Occupation Scale Code

If not in list please advise your occupation

Occupation Scale Code

Does your occupation require you to work underground, at heights (above 10 metres), off-shore or near dangerous materials or substances?

Yes

Your occupation category

Professional - White-Collar professionals performing no manual duties (e.g. doctor, lawyer, accountant). Usually those with a tertiary qualification or registered with a professional body (they must be using these qualifications in their occupation).

White Collar - Clerical, administration and managerial occupations involving office duties only. Include those who do less than 10% light manual duties (e.g. administrator, book keeper, computer operator).

Light Blue Collar - Certain light- manual skilled workers (e.g. photocopy/TV repairers), purchasing officer, travelling sales representatives, claims/loss assessor, business owners in non-hazardous industries involved in light manual work (e.g. coffee shop owner) and supervisors of medium blue-collar workers.

Medium Blue Collar - Qualified tradespeople involved in non-hazardous industries doing light manual work (e.g. cabinet-maker, carpenter, plumber, mechanic).

Heavy Blue Collar - Heavy manual workers, unskilled or performing higher risk occupations (e.g. interstate bus driver, armored vehicle driver, warehouse worker, groundsman, labourer, carpet layer, house removalist).

Hazardous - Hazardous occupations including airline crew and pilots, fire fighters, professional sportspeople, police, underground workers, miners, those working at heights above (10) metres, abalone driver, asbestos worker, bouncer.

Medium Blue Collar - Qualified tradespeople involved in non-hazardous industries doing light manual work (e.g. cabinet-maker, carpenter, plumber, mechanic).

What is your income (pre-tax)

Annual Income means your pre-tax income derived from your occupation, less any expenses incurred in deriving that income. For a Self-Employed person, Annual Income means income generated by the business or practice due to your personal exertion or activities, less your share of necessarily incurred business expenses and investment income.

Calculated gross income

All questions are mandatory unless marked as optional.

Dependants

Do you have a dependent spouse or partner?

Yes

Do you have any dependent children?

Yes

How many children do you have?

How old is your youngest child?

All questions are mandatory unless marked as optional.

Do you have any assets?

Enter any assets you have. Include your spouse or partner’s if applicable. Noting that any information you provide in this section will assist with assessing your needs.

Cash (optional)

Means how much money you currently have in your savings and cheque accounts

Investment properties excluding the value of your home (optional)

Only include your investment properties here, don't worry about adding your own home

Shares (optional)

This is the value of your direct share portfolio.

Superannuation balances (optional)

Other investment assets (optional)

This could include assets such as managed accounts and unit trusts

Do you have any debts?

Enter any debts you have. Include your spouse or partner’s if applicable. Noting that any information you provide in this section will assist with assessing your needs.

Mortgages (optional)

Current outstanding balance on all of your properties

Car loans (optional)

Credit cards (optional)

Other loans (optional)

This will be any other loans that you haven't already noted

All questions are mandatory unless marked as optional.

Do you have existing cover?

Keep in mind that if you have more than one super account, you might have cover under these or cover outside of super. Combine the total amounts for each cover type and enter them in the fields below.

Existing cover

This is the cover you currently have with Australian Retirement Trust.

Death cover

Total & Permanent Disability cover

Income Protection cover per month

Do you have any covers with other funds?

Death cover (optional)

Total & Permanent Disability cover (optional)

Income Protection cover per month (optional)

Insurance Needs Calculator Disclaimer

About this calculator

This calculator is provided by AIA Australia Limited (ABN 79 004 837 861, AFSL 230043) (the Insurer). The Insurer is responsible for the calculation methodology used by this calculator.

This calculator is provided as an educational tool and should be used as a guide only, to assist you in estimating insurance needs with respect to Death, Total & Permanent Disability and Income Protection cover that you may require.

To the maximum extent permitted by law, the Insurer and the trustee of Australian Retirement Trust take no responsibility for reliance by any person on the information in or relating to this calculator. The results generated by the calculator are not intended to be relied upon for the purposes of making a decision in relation to a specific financial product. No particular outcome for you resulting from the use of this calculator is guaranteed.

Calculator default assumptions

This calculator incorporates certain default assumptions. The Insurer considers the default assumptions underlying this calculator to be reasonable at the time the calculator was prepared, based on applicable regulatory guidance, legislation, and industry practice. The default assumptions can be found below under ‘What we have assumed about you’.

You can change any of the default assumptions at any time, including after you have reviewed the results of the calculation of your estimated insurance needs based on the default assumptions. But you should carefully consider the appropriateness of changing any default assumptions, noting that the results of the calculator may vary as a consequence. You should ensure that you have read and understood the relevant assumptions before using the calculator.

Please note that the following assumptions also apply, but cannot be changed:

All figures used in the default assumptions and in the results of the calculator are shown pre-tax.
No allowance is made for your particular tax circumstances or for the taxation of insurance benefits, either inside or outside superannuation.
No allowance has been made for any social security benefits to which you may be, or may become, entitled to.

Limitations

Assumptions and information you provide

The results produced by the calculator are limited by the assumptions used (including any changes you make to the default assumptions), and the accuracy of the information you provide.

The default assumptions may not be appropriate for your circumstances, in which case the results of the calculator may not be appropriate for you. You should carefully consider all of the assumptions and change them as appropriate.

Does not take into account specific insurance arrangements

This calculator does not take into consideration any particular insurance product or your superannuation fund's specific insurance arrangements. In particular, it does not take into account any eligibility conditions that may apply to insurance cover, the amount of cover available, or the fees or costs of cover. Before making a decision about your insurance cover, you should obtain and read the relevant disclosure documents to find out more about the insurance cover available and any limitations that apply.

Not an offer of insurance

This calculator is intended to be used as a general guide only, and does not constitute an offer of insurance. To apply for cover, you may need to submit a fully completed application and other relevant information requested.

Not intended to influence decision about specific financial product

This calculator is not intended to influence any person to make a decision about any particular insurance or other financial product. Before making any decision about your insurance cover, you should consider the insurance products available to you and you may want to seek advice from a qualified financial adviser.

Currency of information

This calculator has been prepared based on the legislative and regulatory environment as at September 2023. Please be aware that should the legal and regulatory environment change, this may not be reflected within the results of the calculator.

Availability of cover

This calculator makes no assessment as to the availability of cover to you. Cover may not be available to some people, because of limitations on cover for health reasons or due to their occupation or for other reasons, and any application for cover may be subject to acceptance by the Insurer. The Insurer may not agree to provide you with the amount of cover recommended by this calculator.

Needs and advice

This calculator does not take into account all of your personal financial needs, circumstances and objectives, or your tax circumstances or personal health situation, and is not intended to be relied on as advice for the purposes of making a decision in relation to any financial products. You should consider your own financial position and insurance requirements before making a decision, and reassess your needs as your circumstances change. You may wish to consult a qualified financial adviser to assist you in working out your insurance needs and selecting an appropriate insurance product for you.

The calculator only considers Death, Total & Permanent Disability and Income Protection insurance needs, and does not consider any other insurance needs.

What we have assumed about you

Below are the default assumptions that the calculator uses to estimate your insurance needs. You can change the values of these assumptions once your initial result is generated based on the default assumptions.

The Insurer considers that the default assumptions are reasonable at September 2023, including because these have been endorsed by independent external actuarial advice.

Death - Expenses

An allowance is made to cover funeral and legal expenses, in the event of your death

20000

Death - Bequest liability expense

An allowance has been made to cover any bequests to organisations, charities or beneficiaries nominated in your will.

Total and Permanent Disablement (TPD) - Medical expenses

An allowance has been made to cover specialised medical equipment and other medical expenses you may be required to purchase as a result of your disability.

50000

Total and Permanent Disablement (TPD) - House/ Car renovation expenses

An allowance has been made to cover any expenses related to modifications you may be required to make to your house or car as a result of your disability.

50000

Spouse/TPD future income proportion(%)

The proportion of your income provided to your spouse until the age specified below. This is paid as a lump sum, assuming the wage and interest assumptions below. If you have selected not to provide cover for a dependent spouse or partner, this proportion of your income is provided to you in the event of TPD.

60.00%

Age spouse/TPD income support ends (Retirement Age)

The age at which the proportion of your income specified above ceases being paid to you or your spouse. The income continues until you have turned this age. This is paid as a lump sum, using the wage and interest assumptions below.

Age spouse income support duration

The number of years a proportion of your income will be paid to you or your spouse. This is paid as a lump sum, using the wage and interest assumptions below.

Child income proportion(%)

The proportion of your income provided to your children until the age specified below. This is paid as a lump sum, assuming the wage and interest assumptions below.

7.50%

Age child income support ends

The age at which the proportion of your income specified above ceases being paid to your children. The income continues until they turn this age. This is paid as a lump sum, assuming the wage and interest assumptions below.

Age gap between children

If you have more than one child, each child is assumed to be this many years older than the previous one. All children are assumed to be under the age at which income support ceases.

Salary inflation(%)

The rate at which your salary is assumed to increase each future year.

3.75%

Interest rate(%)

The rate of return that you or your family will need to earn on any insurance payout in order to achieve the desired level of income.

7.00%

Super default(%)

The rate of the superannuation contribution amount calculated from your salary that is used in the calculation.

11.50%