LIFE INSURANCE CALCULATOR

Do you have enough Life, Terminal Illness and Total & Permanent Disablement Cover?

Club Plus members have access to Money Solutions, a commission-free financial advisory service who are engaged by Club Plus to provide advice to members. One of the services offered by Money Solutions is a needs assessment worksheet for life insurance. This is a first step in determining whether your current level of insurance is adequate for your needs.

Insurance needs - protecting your money

People often underestimate their true value and their cover. Skimping on premiums is a minor saving, and major gamble, when compared to the cost of recovering what you've lost.

Life, Terminal Illness and Total & Permanent Disablement Insurance

Life insurance pays an amount in the case of your death, and TPD in the case of an injury or illness which renders you totally incapable of work. To consider how much cover you need, take a look at the financial burden you're carrying now and would face in the case of an accident.

This table will help you understand what you, and those who depend on you, will need.

Lump sum and ongoing expenses

Funeral costs/ Legal fees (average around $12,000)

Credit or store cards

Personal Loans / Car Loans

Mortgage

Investment Loans

Emergency Fund (usually at least $10,000)

Children's education (estimate annual cost and multiply by number of years for each child)

Annual living expenses (multiply the number of years this annual income is needed, eg. for the rest of your spouse's life)

Legacies (for charities or other loved ones)

TOTAL A

What you have now

Assests that can be sold immediately if needed (the value of any savings, investment, or other assets that can be sold or converted to cash)

Existing superannuation accounts - Account balance

Existing superannuation accounts - Insurance cover

Any existing life insurance policies that are not attached to superannuation

TOTAL B

Now take TOTAL A from TOTAL B. This gives you the amount you may need to think about when setting up your insurance to cover.

Any questions? Call 1800 046 166 or visit: www.moneysolutions.com.au

This fact sheet is intended to provide information of a general nature only. We have not taken into account your personal goals, financial situation or needs. For personal advice contact Money Solutions.

Money Solutions Pty. Limited Australian Financial Services Licence No. 258146 | ABN 36 105 811 836

The table above is provided by Money Solutions to give you an idea of how much insurance you need. It is not to be considered financial advice. We recommend that you speak with a Financial Planner or Coach before making any insurance decisions.

Further details about Club Plus life insurance are available in the Member Booklet and Product Disclosure statement which is available on this site.

If you wish to proceed to obtain additional life insurance download an application form now.

This website is provided by Club Plus Superannuation Pty Limited ABN 26 003 217 990, AFSL 245362, RSE L0000529 trustee of Club Plus Superannuation Scheme, ABN 95 275 115 088, RSE Registration No R1000757. It contains general financial information 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.