Life Cover (Death Benefit)
A lump sum paid to your beneficiaries if you pass away. Covers mortgages, living expenses and future income needs. Learn about life insurance
CALCULATOR
Life Insurance Calculator - Free, No Email, Results in 60 Seconds
Find out how much Life, TPD, Income Protection and Trauma cover you could need - based on your age, salary, debts and dependants.
Cover estimate
What Does the Calculator Cover?
Our calculator estimates the level of cover across all four types of personal insurance - in a single session. Enter your age, salary, debts and number of dependants to get a tailored starting point, then adjust any assumption on the results page to better reflect your personal circumstances.
Total & Permanent Disability (TPD)
A lump sum if you become permanently disabled and can't work. Covers medical costs, home modifications and lost income. Learn about TPD
Income Protection
Replaces up to 70% (plus Super) of your income if you're unable to work due to illness or injury. Provides financial stability while you recover. See IP costs
Trauma Insurance
A lump sum if you're diagnosed with a serious illness like cancer, stroke or heart attack. Helps cover treatment, rehab and everyday costs. Learn about trauma cover
Process
How It Works
- 1
Enter your details
Age, salary, number of dependants and any outstanding debts or financial obligations.
- 2
Review your estimate
Fine-tune results by adjusting assumptions - income needs, existing cover, benefit periods and more.
- 3
See your cover needs
Get a clear breakdown of your calculated cover amounts across Life, TPD, Income Protection and Trauma.
- 4
Compare and apply
Use your estimate to compare quotes from leading Australian insurers and apply online - no adviser or phone call required.
Who it helps
Who Should Use This Calculator?
Anyone with dependants, a mortgage, income that others rely on, or a lifestyle to protect. Whether you're just starting out, reviewing cover you've had for years, or checking whether your life insurance in Super is enough for your actual financial situation - this calculator gives you a good starting point across all four cover types
Default super life insurance is often set at a fixed amount - typically $200,000-$500,000 - regardless of your actual financial commitments. Our calculator shows whether that's enough for your situation, and by how much you might be underinsured.
Learn more about life insurance in Australia or see what cover typically costs before you start.
Premium return
Why Cover Through Keep Often Costs Less
We rebate at around 50% of the adviser commission that's built into every retail life insurance premium. You get the exact same policy from the same insurer - just with 12.5% of your premium returned to you every year.
- Same retail cover from top Australian insurers - Zurich, OnePath, Neos, Acenda and more
- 12.5% of your annual premium returned to you as cashback, every year
- Apply online or with support - no pressure, no commission-driven sales
Examples
Real-Life Cover Scenarios
See how the calculator works for people at different stages of life - and what cover typically looks like in each case.
Disclosure
Calculator Assumptions
The calculator was designed by a qualified actuary in consultation with an experienced financial planner. These are the default assumptions - which can be reviewed and adjusted on the results page to match your circumstances.
Frequently Asked Questions
How much life insurance do I need?
The amount you need depends on your financial responsibilities, dependents, and future goals. Consider:
- Who depends on you financially? (partner, children, aging parents)
- How long will they need support?
- What debts & expenses need covering?
How do I know what life insurance options and benefits to get or how much cover I need?
Our calculator helps you estimate your cover needs by looking at your income, debts, dependants, assets and existing cover. Once you have an estimate, you can compare available life, TPD, trauma and income protection options through Keep and review the key product benefits side by side before applying.
Can I have more than one life insurance policy?
Yes! You can combine private life insurance with a policy through your superannuation or even hold multiple policies with different insurers.
- Need different types of cover (e.g., Life Cover + Income Protection).
- Want to supplement super-based life insurance.
- Prefer specialized policies for different financial goals.
What factors affect life insurance premiums?
Your age, health, lifestyle, and occupation all impact your premiums. Key factors include:
- Age - The younger you are, the lower your premiums.
- Medical History - Pre-existing conditions may increase costs.
- Smoking & Risky Activities - Smoking, skydiving, or hazardous jobs can raise premiums.
- Cover Amount & Type - Higher coverage costs more, but ensures full protection.
Is life insurance through my super sufficient?
Many Australians rely on default life insurance within their super fund, but this may not provide enough coverage.
- Your super life insurance doesn't cover your full financial needs.
- You want higher cover amounts & more policy flexibility.
- You need add-ons like Trauma or TPD Cover.
How does the life insurance application process work?
Applying for life insurance in Australia typically involves:
- Choosing a Policy - Compare term life, TPD, trauma, and income protection.
- Providing Personal & Health Information - Age, occupation, and medical history.
- Medical Exam (If Required) - Some policies require basic health checks.
- Underwriting & Approval - The insurer assesses your risk and confirms your premium.
- Policy Issued - Once approved, your cover begins!
Are life insurance benefits taxable?
- Life insurance payouts are tax-free if held outside super.
- Inside super, payouts to financial dependents are tax-free, but other payouts may be taxed.
- Income protection payouts are taxable, since they replace lost wages.
How accurate is the Life Insurance Calculator?
Our calculator has been designed by a qualified actuary in consultation with an experienced financial planner. All the values can be tailored to your circumstances.
What if I already have life insurance?
Great! But are you underinsured? Many Australians have inadequate cover - our calculator helps you check.
Are Australians underinsured? Many people don't have enough cover to protect their families. Find out why and how to avoid the gap. Read about Australia's underinsurance problemCan I adjust my coverage later?
Yes! Life insurance should adapt to major life events such as marriage, children, or homeownership. You should review your cover annually to ensure you have the right balance of cover and premium.
How do I apply after using the calculator?
Once you get your estimate, you can select "Get a Quote" and with one extra step compare policies from leading Australian insurers and apply online.
Ready to Find Out How Much Cover You Need?
Free, no email required, and takes 60 seconds. Get a personalised estimate across all four cover types.