Self assessment calculator - Bupa

Self assessment calculator

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One of the most important decisions you can make about your life insurance is the amount of cover you need.

To help you with this decision we have produced a simple self-assessment worksheet below. It should only take you about five minutes to complete. Just add your own details - you can use our example as a guide if you like.

In assessing your current situation, you may want to consider the gap between your needs and the amount of cover (if any) you already have.

Needs calculator
  Our example Your estimate  
Loans and debts ($)
Mortgage 170,000  
Other Loans (eg personal loan, credit cards) 15,000  
Lump sum to clear loans and debts 185,000 Line A
Monthly living expenses ($)
Rent (if applicable) 0  
Vehicle and transport (eg fuel, bus fares) 200  
Entertainment 100  
Your home (eg rates, electricity, insurance, repairs) 350  
Food 500  
Education/child care 400  
Other (eg clothing, shoes, grooming) 150  
Monthly total 1,700  
Multiply by 12 for annual living expenses 20,400 Line B
Years you wish to cover these expenses 15 Line C
Lump sum to cover living expenses 306,000 (BxC) Line D
Insurance Cover Gap ($)
Lump sum required to clear debts and cover living expenses 491,000 (A+D) Line E
Life cover insurance you have through superannuation 140,000 Line F
Life insurance from other policies and/or assets you could sell(eg shares) 40,000 Line G
Potential life insurance gap (LINE E - LINE F - LINE G) 311,000 Equals

* Think about how many years you need to cover these expenses.
For our example we have used 15, but you may feel more or less is required.

This calculator is intended to be used as a guide only and is not intended to be relied on for the purpose of making a decision in relation to life insurance. You should consider obtaining advice from a financial planner before making any financial and insurance decisions.

Products are issued by ClearView Life Assurance Limited ABN 12 000 021 581 AFSL No. 227682. Please refer to the relevant Product Disclosure Statement (PDS), available online or by contacting 134 135 for full details of exclusions, definitions and terms and conditions of the relevant product. Any advice on this website is general advice only and does not take into account your individual objectives, financial situation or needs. Before acting on it you should consider its appropriateness, taking into account your personal circumstances.

By accessing this website, you acknowledge that you agree to receiving the Bupa Australia Pty Limited/Bupa Australia Health Pty Limited Financial Services Guide by downloading a copy.

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