Source: MoneySmart
Open the original Life insurance calculator on MoneySmart
MoneySmart
Open Loans Native Calculator
Life insurance calculator
Estimate how much life cover may be needed to support debts, living costs and family goals if the unexpected happens. The result brings together immediate costs, ongoing support and the assets your household could already rely on.
Source reference: Moneysmart life insurance calculator
What this native cut captures
- Mortgage, funeral and debt cover needs instead of a generic lump-sum guess
- Present-value support for children's education and family living costs using editable inflation and return assumptions
- Explicit asset offsets so insurance needs can later feed resilience and borrower-risk signals elsewhere in Open Loans
Your family and financial inputs
Enter the needs you want life cover to fund, then offset them with the assets your family could use if you died.
Results
This native first cut produces a transparent needs-based estimate rather than relying on the external Towers Watson API used by the imported calculator.
Based on the values entered, this estimate combines funeral costs, mortgage and debt clearance, education support and living-cost support, then subtracts the assets your family could use.
Cover breakdown
Current assumptions| Line item | Amount |
|---|---|
| Funeral costs | $15,000 |
| Mortgage support | $520,000 |
| Other debts | $25,000 |
| Children's education (present value) | $291,643 |
| Family living costs (present value) | $248,961 |
| Total financial needs | $1,100,604 |
| Assets available | $495,000 |
| Estimated cover required | $605,604 |
Children's education support
Age 5 to 18 funding window| Child | Current age | Supported years | Annual cost | Present value |
|---|---|---|---|---|
| Child 1 | 8 | 11 | $12,000 | $128,842 |
| Child 2 | 5 | 14 | $12,000 | $162,801 |
What to watch
- Household-protection needs can become a resilience signal in refinance, switch and hardship flows.
- Dependants, debt-clearance needs and living-cost support create a reusable vulnerability layer beyond simple loan serviceability.
- Transparent asset offsets make it easier to feed insurance context into later borrower-advice and estate-planning journeys.
How these estimates work
- Children's education costs are modelled from age 5 to 18 and inflated annually.
- Living-cost support and education costs are converted to present value using the entered investment return and inflation assumptions.
- Selling the main home offsets mortgage support only; the main home is not counted again as an asset in this first cut.
- This native version uses deterministic local calculations instead of the external Towers Watson API used by the imported calculator.
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