Calculating how much life insurance you need is important. Being over insured means you pay higher premiums than you need to. Being under-insured could mean the pay out your family receives falls short of what they need and puts them at risk of financial hardship.
We found a great calculator that can help you work out how much cover you need.
This calculator is designed to give you an idea of how much life insurance you should have, but you should seek advice from a financial advisor to help you select the right insurance for you and advise on whether you need income and trauma insurance as well.
The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information.