General information only — not personal financial advice. Calculators provide estimates only. Always consult a licensed insurance broker before making decisions.
Free Australian Insurance Calculators
Know exactly how much cover you need
Four free calculators built for Australians — life cover needs, income protection benefit, Medicare Levy Surcharge check, and home cover estimate. Instant results, no sign-up required.
Most Australians are significantly underinsured. This calculator estimates how much life insurance you need based on your income, debts, dependants, and existing cover held in superannuation.
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How this is calculated: Income replacement = Annual income × years × 70% (reflecting income replacement benefit). Debt clearance = mortgage + other debts. Gross need = income replacement + debt clearance. Gap = Gross need − existing cover. Most Australians hold $100,000–$500,000 default life cover in superannuation — check your super fund statement.
💰 Income Protection
Income Protection Calculator
Income protection pays up to 70% of your income if you can't work due to illness or injury. This calculator estimates your benefit amount, the savings buffer you'd need during your waiting period, and a rough premium estimate.
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Note on 2021 APRA reforms: From 1 October 2021, new income protection policies are indemnity-based (benefit based on income at time of claim, not at policy inception). Agreed value policies are no longer available for new policies. Stepped premiums increase with age; level premiums are higher initially but remain stable — level often saves money if held long-term.
🏥 Health Insurance
Medicare Levy Surcharge Calculator
Australians earning above the MLS threshold who don't hold private hospital cover pay an extra 1–1.5% tax. For many, private health cover costs less than the MLS. This calculator also shows your Lifetime Health Cover loading if applicable.
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2024–25 MLS thresholds: Singles: $93,000 (1.0%), $108,001 (1.25%), $144,001 (1.5%). Families: $186,000 / $216,001 / $280,001. Lifetime Health Cover (LHC): If you haven't held hospital cover since 1 July after your 31st birthday, you'll pay a 2% loading per year. Maximum 70%. Loading is removed after 10 continuous years of private hospital cover.
🏠 Home Insurance
Home Cover Estimator
Underinsurance is a major problem in Australia — many homeowners insure for the market value rather than the rebuild cost, leaving a large gap after a total loss. This estimator uses HIA construction benchmarks to calculate your recommended building sum insured.
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Strata properties: For units and apartments, the building is typically covered by the owners corporation (body corporate) strata insurance. You are responsible for contents and any improvements made to the interior. Check your strata insurance certificate to understand what's covered. Flood cover: Since 2012, all standard home policies must include flood cover under the standard definition. However, check your PDS as some exclusions may apply.
Want a personalised insurance recommendation?
Archie can explain your options in plain English, discuss what these numbers mean for your situation, and connect you with a licensed broker — all free.
These calculators provide estimates based on standard benchmarks used by the Australian insurance industry (such as HIA construction costs and APRA-derived premium rate approximations). They are designed to give you a starting point — actual premiums and recommended cover will vary by insurer, your specific health, occupation, policy features, and individual circumstances. Always get a quote from a licensed insurance broker for accurate figures.
How much life insurance do I actually need?
The "10 times income" rule is a starting point but often insufficient. A proper needs analysis considers: (1) income replacement — enough to replace your income for the years your dependants need it; (2) debt clearance — mortgage and all other debts; (3) funeral and final expenses (typically $15,000–$30,000); (4) child education costs; less (5) any existing super or life cover. Most Australian workers have some default cover in super (typically $100,000–$500,000) — check your super statement. This is almost always insufficient for those with a mortgage and young children.
What waiting period should I choose for income protection?
The waiting period is how long you must be unable to work before benefits begin. A longer waiting period = lower premium. The right choice depends on: how much sick leave and savings you have (a 90-day waiting period requires roughly 3 months of expenses in reserve), your employment (PAYG employees with generous sick leave can afford longer periods; self-employed contractors with no sick leave should consider 14 or 30 days). The most common choice in Australia is 30 or 60 days for PAYG employees and 14 or 30 days for self-employed.
Does taking out private health cover actually save money on the MLS?
For many Australians earning close to the MLS threshold, yes — a basic hospital policy can cost less than the MLS. For example, a single person earning $100,000 pays $1,000 in MLS (1%). A basic hospital policy with a $750 excess can cost $900–$1,400/year depending on age and fund. For older Australians, LHC loading can make cover more expensive. Use the MLS calculator above to compare your specific numbers, then get quotes from Bupa, Medibank, HCF, nib and HBF to find the best price.
Why is my home insured for less than its market value?
Home building insurance covers the cost to rebuild your home (construction costs), not its market value. Market value includes the land, which cannot be destroyed in a fire or storm. In expensive markets like Sydney, the market value might be $1.5m but the rebuild cost $600,000 — so that's what you insure for. The problem is that many Australians confuse the two and underinsure their home. The 2022 floods and bushfire events revealed widespread underinsurance in Australia. Always base your sum insured on estimated rebuild cost using HIA benchmarks, not what you paid for the property.