Life is constantly changing, so it’s important to make sure your insurance keeps up with these changes.

To protect your current and future needs, a life insurance calculator can help you check if your circumstances and priorities have changed since you first took out cover.

The calculator considers your family circumstances, insurance goals and financial situation to estimate how much insurance you might need to protect you and your family.

Things to keep in mind when using a life insurance calculator

To get a clear understanding of your insurance needs, you’ll want to consider some of these questions:

• Do you have any debts (such as a mortgage, credit cards or personal loans)?
• Could your family maintain their lifestyle if you passed away?
• Do you have any dependants?
• How much can you afford?
• Do you have life insurance cover through your super fund?

Where to find a life insurance calculator

If you’re wondering how much life insurance you might need, the life cover calculator on the ASIC Money Smart website might be for you.

It helps you work out if you need life cover, how much life cover you might need, and what expenses your life cover will pay for should you pass away.

Get your estimate

If you’re unsure about the level of cover you need or require further help understanding your insurance needs, we recommend speaking to a financial adviser before making any decisions.

_{Disclaimer: The ASIC Money Smart website is provided by the Australian Securities & Investments Commission. It is independent from MLC Limited ABN 90 000 000 402 AFS Licence No. 230694 (“MLC Life Insurance”) and MLC Life Insurance makes no warranties regarding the information contained in the website. Before you rely on this information, review the assumptions and disclaimers on the website.}