The calculator is not intended to be relied on for the purpose of making a decision. You should consider obtaining advice from a financial services licensee before making any financial decisions.
The purpose of the Death & TPD Insurance Calculator is to give you an indication of the level of cover you may be able to insure yourself for and the cost of that cover. It makes certain assumptions, has certain limitations and
relies on the information you input. Therefore, we recommend you seek financial advice before making any decisions based on the results. We believe the assumptions used in this calculator are reasonable because they are based on information
received in good faith from sources within the market and on our understanding of the legislation at the time.
Assumptions
That you are under the age of 70.
When choosing the death only insurance option, the calculator will only take into account debts to be paid off in the event of death and does not include living expenses.
TPD cover cannot exceed death cover. If the quoted TPD sum insured value is greater than death, it will be rounded down to the nearest unit.
When choosing Death and TPD insurance, the living expenses entered will be multiplied by the number of years to insure for. For example:
$1000 (living expenses) * 52 (per week) * years to insure for
$2000 (living expenses) * 26 (per fortnight) * years to insure for
$4000 (living expenses) * 12 (per month) * years to insure for
$52000 (living expenses) * 1 (per year) * years to insure for
That your living expenses will not exceed $200,000 per year.
That your mortgage will not exceed $3,000,000.
That your other debt will not exceed $3,000,000.
That you do not have more than 6 children.
That school fees will be payable for each of your children until they reach 18 years of age. The calculator will multiply the number of years until your child is 18 by the amount inserted into average school fees per year per child field
and add the total together for all children. For example:
Child 1 = (smallest number of (18 – age) or 13)*fees
Child 2 = (smallest number of (18 – age) or 13)*fees etc.
That your average school fees per year, per child, will not exceed $50,000.
That your funeral costs will not exceed $100,000.
That you will not need a beneficiary lump sum in excess of $5,000,000.
That you will not need an emergency fund in excess of $5,000,000.
That your medical costs will not exceed $5,000,000.
That your super balance will not exceed $10,000,000.
That your other savings will not exceed $10,000,000.
The total calculation will be: Expenses + Education + Lump sum - Savings.
If Death only cover is chosen, the maximum cover the calculator accepts is $10,000,000. If your calculation is in excess of this, the calculator will default to the maximum amount of $10,000,000.
If Death and TPD cover is selected, the maximum cover the calculator accepts is $10,000,000. If your calculation is in excess of this, the calculator will default to the maximum amount of $10,000,000.
Limitations:
A number of the assumptions listed above include upper and lower thresholds, which may not be an accurate reflection of your personal circumstances or needs. As such, they represent limitations to the calculator. In such cases, particularly
where you may require cover in excess of the upper thresholds noted, we recommend that you seek professional financial advice.
If you make any changes to your insurance cover it may be subject to the provision of medical evidence.
Please note that this calculator is for illustrative purposes only. Although Club Plus Super endeavours to ensure that the calculations are accurate, we cannot guarantee its accuracy or accept liability for any errors or omissions. The estimates
do not take into account any change in the cost of living between the time of preparation of the estimate and the future time. For more information about Club Plus Super’s insurance offering, please refer to the Insurance Booklet on the website at
www.clubplussuper.com.au/pds
