How much cover do you need?

EducationArticle1 June 2023

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How much insurance cover do you need?

Use our insurance calculator

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It takes just a few minutes to check your numbers and calculate what cover you need.

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Using a life insurance calculator is a quick and easy way to check if you have the right level of life cover. If you gather the relevant information before you start, the process will take only a few minutes.

What you need to have ready

  • Your income
    Income protection insurance replaces a portion of your annual income. So, knowing what you have coming in is essential.
  • Your other assets
    Knowing what other money and investments you have, including savings, super, property and shares, may reduce how much insurance you need.
  • Your debts and other loans
    Likewise, knowing where your money is going and the obligations you’ll need to cover will help ensure that everything is provided for if you’re unable to work. 
  • How much is left to pay on your mortgage
    One of the biggest debts most people ever have is a home mortgage. How much you owe will affect how much insurance you need.
  • How many children you have
    Your number of dependent children affects how much money you’ll need to provide for their food, shelter and educational expenses. 

[link to calculator here - https://calculators.zurich.com.au/life-needs.html]

It’s a good idea to regularly review your insurance to ensure it still meets your needs. You may want more cover if you’re buying a home or starting a family, or to reduce your cover if you’ve paid off debts or your children have become financially independent.

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Your next steps

Using a life insurance calculator is an easy way to check if you have the right level of cover. If you need to make a change to your policy, we can help you review your options. Give us a call on <<phone number>>, email us on <<email address>> or contact us through <<website>> to talk about what’s appropriate for your individual needs.  

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“It’s a good idea to regularly review your insurance to ensure it still meets your needs.”

LinkedIn and Socials

 

LinkedIn post

Introduction Do you know how much money you have in the bank right now? Most of us do. 
But do you know how much insurance cover you have? And how much financial help you might need if you become ill or injured?
A lot of us don’t! Thankfully it takes just a few minutes to find out.
Body

Using a life insurance calculator is a quick and easy way to check if you have the right level of life cover. 

What you need to have ready  
Your income  
Income protection insurance replaces a portion of your annual income. So, you must know what you earn.  
Your other assets  
Knowing what other money and investments you have, including savings, super, property and shares, may reduce how much insurance you need.  
Your debts and other loans  
Knowing what your obligations are – such as rent, a mortgage or credit cards – are vital to ensure all your costs are covered if you can’t work.   
How much is left to pay on your mortgage  
This is one of the biggest debts most people ever have, and how much you owe will affect how much insurance you need.  
CTA To learn more, read our full article <here>. 


Social post

Introduction Most of us know how much we have in the bank right now.
But do you know how much insurance cover you have – and how much financial help you might need if you become ill or are injured?
Body

It takes just a few minutes to do your sums and calculate what cover you need! 
CTA To learn more, click <here>

This information provides an overview only on specific topics and may be limited in scope or subject to qualifications and generalisations. It is provided for your use with insureds and superannuation fund members.

The information provided is also designed to be provided to insureds and superannuation fund members under your own name and any applicable licenses. You will need to consider whether the information is required to be changed or qualified in doing so. To the extent that there is inconsistency between the information on this website and the relevant policy, the policy will take precedence. You should take professional advice and review the appropriateness of the information before it is used by you.

This information does not consider any specific personal needs, objectives, or financial circumstances.

© Zurich Australia Limited ABN 92 000 010 195, AFSL 232510. Information within it is current as at May 2023 but may be subject to change. Updated information will be available by contacting Customer Service on 131 551.