How much insurance do
I need?
Things to consider to make sure that you have the right
level of insurance cover to suit your needs.
Your insurance needs
We encourage you to regularly review your type and level of cover to ensure it meets your current and future financial needs.
The insurance cover that’s right for you depends on your personal, family, and financial circumstances, as well as your income and lifestyle. You can regularly review your account and your insurance cover so that it continually meets your needs, especially as your circumstances may change.
Having the right levels of cover is important to make sure you and your loved ones don’t experience financial stress in dealing with ongoing living expenses with less income if the unexpected happens and you become injured, ill or die.
Find the right level of cover for you with our Insurance needs calculator—which helps provide an estimate of what you currently need for Death cover, Total and Permanent Disablement and Income Protection.
Find the right insurance for your stage of life
Your insurance needs change throughout your life. To find out what insurance you need, a good place to start is to determine what stage of life you’re at.
Out on your own
If you’re just starting out on your own, you may have to start making some financial decisions.
Meet Alex
Alex has just started a new job after finishing an Engineering degree at university. He wants to make sure he has insurance in the event he’s unable to ever work again due to an illness or injury.
Some things Alex should consider
To help achieve his goals, Alex has automatic cover for Total and Permanent Disablement, alongside his Death cover through his employer plan.
In a relationship/getting married
You may need to start considering someone else’s needs, as well as your own.
Meet Sathish
Sathish has moved in with his partner and wants to make sure they’re supported if he suddenly passes away.
Some things Sathish should consider
To make sure his partner is supported, Sathish contacted his financial adviser who recommended increasing his amount of Death cover.
Starting a family
If you’re starting a family or you have young children, you may have additional cost considerations for your growing responsibilities.
Meet Suzie
Suzie is a single-Mum with a young child and works as an accountant. She wants to make sure her family is financially supported if she suddenly passes away, or if she’s unable to work ever again due to an illness or injury.
Some things Suzie should consider
Suzie currently has automatic Lifestage cover—so she wants to apply for additional Death and Total and Permanent Disablement insurance cover.
Children starting university/college education
You may need to consider additional costs like, tuition fees.
Meet Priya
Priya’s 18-year old daughter is starting university next year, and she wants to make sure her daughter’s university expenses are covered—even if she gets injured and is unable to work.
Some things Priya should consider
Priya decides to apply for Income Protection (IP) insurance. This gives her peace of mind knowing that she can continue providing for her family because some of her income may be covered.
Getting your own home
Buying a house may mean taking out a mortgage or increasing the amount of debt you have.
Meet Matthew
Matthew is single and just bought his first home. Every month Matthew budgets carefully to make sure he can cover his mortgage repayments, as well as his living expenses.
Some things Matthew should consider
Matthew wants to apply for IP through his employer plan— in addition to his automatic Death and TPD insurance cover. By applying for IP insurance Matthew’s financial pressures would be alleviated if he couldn’t work due to an injury or illness.
Considering retirement
Before retiring, you may want to think about your budget, and it may mean limiting some of your expenses. By doing this, you’ll be able to plan your retirement lifestyle.
Meet Leon
Leon is 60 and is thinking about retiring within the next five years.
Some things Leon should consider
To make sure he has enough super monies to retire with, Leon is thinking of decreasing his Death and TPD insurance cover.
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