Term Life/TPD Calculator - Harlocks

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You can use the insurance needs calculator to help you figure out how much term life and TPD insurance you will need. The calculator is not a substitute for our professional financial and/or estate plan. There are many other issues that have to be taken into account that go beyond the scope of this tool. Additionally you should consider you spouse and run a seperate check and see if their current life insurance is sufficient to meet the needs of your family. If you are unsure of what figure to place to place in each question hover over the icons in the form for further information.

Information entered into the insurance needs calculator is confidential. it is not submitted or stored on the server. It is only displayed.

Please use whole numbers only, no comma seperaters or decimal points
when answering each question - each box must have a number or 0.

Step #1

Evaluate Your Income and Assets
What is your family's general living expenses? How many years will your spouse need to cover these living expenses? What is your current investment income (interest, share dividends, real estate retail income, pension or other sources) or existing liquid assets (cash, shares, bonds, or any asset that can be turned into cash within 3 months). What is your lump sum superannuation balance which will be paid to your family (superannuation defined benefit pensions require further analysis and may be converted to a approximate lump sum, based on your spouses life expectancy. How much existing life insurance coverage do you have?

Step # 1
What is your family's general annual living expenses?
How many years do you wish to cover your family's living expenses?
Other annual income sources
Existing liquid assets
The amount of your lump sum superannuation benefits.
The amount of your existing term life/TPD insurance coverage. (If you have any)

Step #2

Evaluate Your Debts and Expenses
What is your outstanding mortgage balance? Do you have outstanding loans (including credit card debt)? You might need emergency liquidity reserves - please account for the amount you allowed in step 1 for spouse needs. How much is needed for final expenses: (Medical, Funeral, and Legal)?
Step # 2
Outstanding mortgage balance:
Outstanding loans:
Emergency Reserves:
Final expenses:( Medical, Funeral, Legal)

Step #3
Evaluate Your Child Support and Education Expenses
How many years do you expect each child to be dependent on you for support? Can you estimate your children's monthly health and dental insurance costs? Does any child have special needs (health, educational)? What is the estimated cost of university each child is most likely to attend?

 Step # 3
Child: Monthly
child cost:
Years child will
require support:
1 $ years
2 $ years
3 $ years
4 $ years
5 $ years

Step #3
Term Life/TPD insurance needed:

The insurance needs calculator is provided as a tool to help you estimate coverage that typically would be needed based on the information you input. Be sure and reduce the total coverage amount of existing insurance that you plan to retain. Please contact us for an professional needs analysis. Superannuation RBL, defined benefit pensions, returns from investing lump sum benefits, policy ownership and estating planing issues can alter sums insured. Information derived from this calculator is by no means intended to be a substitute of our professionally prepared Statement of Advice (SoA).
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