Life Insurance Needs Calculator

The Avant Life Insurance Needs Calculator (“calculator”) can provide an estimate of your current life insurance, critical illness, total and permanent disablement (TPD) and income protection needs. It is intended to guide you in thinking about the level of cover you may be considering. The calculator takes information you provide and combines this with the default assumptions set out below, to calculate sums insured.

The calculator should be used an indication only and is not intended to be relied on for the purposes of making a decision in relation to a financial product. You should consider obtaining advice from a licensed financial services adviser before making any financial decisions.  The amounts calculated may not be suitable for your specific personal, medical, tax and financial circumstances, and may not be achievable due to product or underwriting restrictions applied by insurers. The estimates generated by the calculator may differ substantially to the recommendations that a financial adviser may make due to different assumptions, client preferences, affordability, and considerations of existing cover you may have elsewhere.

This calculator should not be considered an offer of insurance. To apply for cover, you need to follow the insurance application process specific to the insurer and provide any other relevant information requested.

You can adjust the information you provide, including the default assumptions embedded in the calculator. See below for more information on these assumptions. While the default assumptions underlying this calculator are considered reasonable at 2 April 2026, these assumptions may be reviewed in the future and are subject to change.

The sums insured calculated may be subject to product limitations. For example, many insurers will not insure more than $ 3 million TPD, which may require the user to consider the adequacy of the benefit period for income protection they select. The calculator does not consider all your financial circumstances including any existing life insurance cover you might have, whether you have private health cover, the tax consequences of the cover, whether it should be held outside or inside superannuation, or its affordability. Please note, large or multiple amounts of insurance cover inside superannuation may erode your future retirement income.

The calculator does not include any information about fees and costs associated with insurance. You should consider these before making a decision in relation to an insurance product.

The amount of suggested income protection cover will typically be less than your current income and may not be enough to cover all the responsibilities you select. Some income protection products may include an allowance for superannuation that we have not included.

Depending on your circumstance, some or all of the insurance proceeds may be subject to tax including Medicare Levy. You should seek separate tax advice in relation to insurance benefits. No allowance has been made for any social security benefits to which you may be or become entitled, or how a future insurance benefit may impact them. 

We have made certain default assumptions based on the experiences of our life insurance advisers  and external sources which may not reflect your preferences or what you may actually experience. We believe the default assumptions are reasonable based on our research.

The default assumptions we have made can be modified by the user. These are the descriptions for the rationale behind the default assumptions:

• Income protection amounts are 70% of salaried income (up to a maximum of $30,000 per month due to common product limitations). 70% is the maximum allowed by most insurers.
• Benefit periods of 2 years, 5 years or to age 65 are based on common insurer options.
• Funeral costs ($25,000) included in the Death amount. This is considered reasonable as average funeral costs in Australia are estimated to be between $5,000 and $20,000 without taking into account common extras such as memorial services, headstones or catering. (Source = Funerals: The truth about the cost of dying crisis | Money magazine)
• Out-of-pocket medical ($100,000) and disability related home care and rehabilitation ($100,000) are both included in the TPD and Trauma amount.  We have based this on the experiences of our life insurance advisers and medicalcostsfinder.health.gov.au.
• Home modifications ($100,000) are included only in the TPD amount. We have based this on the experiences of our life insurance advisers and medicalcostsfinder.health.gov.au.
• Trauma amounts include two-years of mortgage repayments or rental obligations where these are supplied by the user. We have based this on the experiences of our life insurance advisers.
• Death amounts are calculated to include repayment of all debt,  and funeral costs. These amounts are offset by the value of  superannuation and  investments which would typically be realisable upon death. If dependants are selected, an additional capital amount representing the present value of a portion of lost future income, is included using our default wages inflation and investment earnings growth. If no dependants are selected, then the amount for future income is set at 0% but can be modified by the user up to 70% (the product issuer limit). In this case, an amount can be added,  to provide for the residual estate amount selected by the user.   
• TPD amounts are calculated to include all debts and for out-of-pocket medical, disability related home care, rehabilitation, and home modifications, but offsets the proceeds of superannuation only, leaving other liquid and illiquid investments to be retained.  It also includes a default capital amount for lost future income (to age 65 of the injured) that is adjusted based on the income protection benefit period selected by the user in the calculator, as follows:
  • if the user selects an income protection benefit period of 2 years, 5 years or none, the annuity is calculated on the present value of 100% of their salaried income (from their current age to age 65) for any period in which they do not have income protection cover.
  • if the user selects an income protection benefit to age 65, the annuity is calculated on the present value of 30% of their income from their current age to age 65.
• The growing annuity calculation uses a default 3.5% wages inflation based on growth in average weekly earnings of 3.5% over the 20 years to May 2025 (source: ABS).
• The growing annuity calculation uses a default 7% investment earnings growth. This is based on the 10 year SR50 average balanced index  (source: superratings.com.au). This is considered reasonable as the balanced option is usually the default option for investment portfolios. The actual investment return applicable may differ significantly from this assumption and, if this is more or less than the assumed value, the outcome at the end of the selected period could be affected. 

\This calculator is provided by Doctors Financial Services Pty Limited, ABN 56 610 510 328 AFSL 487758 trading as ‘Avant Life Insurance’ (DFS) under a third party licence agreement with MB Lumius, company reg. no. 304227411, the Republic of Lithuania. MB Lumius is the operator of the Calconic application used to build the calculator. The calculator is provided to you on a non-reliance basis. DFS and its related entities (Avant) and MB Lumius do not warrant quality, fitness for a particular purpose, reliability, accuracy, completeness, or that the calculator is free from errors or omissions. To the extent permitted by law, Avant and MB Lumius do not accept any responsibility for any loss or liability arising from any person’s use of this information. We may change the calculator at our discretion at any time and without notice.

Any advice provided through the calculator is general advice only. It has been prepared without taking into account your objectives, financial situation and needs. You should consider these, having regard to the appropriateness of this advice as before deciding to purchase or continue to hold a financial product. For a copy of our financial services guide, which has information about our services, relationships and how we are paid, contact us on 1800 128 268.

You should reassess your insurance needs regularly as your circumstances may change. In using the calculator, you acknowledge that:

• the calculator is subject to certain limitations;
• the results are subject to the assumptions which you have an opportunity to review and change for your circumstances; and
• the results from the calculator are only a general illustration of insurance needs based on the information you provided.

Information that you input into the calculator (including any email address provided), is stored, under licence, by a third party supplier, MB Lumius who operates the calculator via the Calconic application. MB Lumius treats information provided through the calculator portal in accordance with their Privacy Policy (https://www.calconic.com/privacy) which contains details of the security measures MB Lumius employs to protect your information. However, MB Lumius is a company registered under the laws of the Republic of Lithuania (European Union), company reg. no. 304227411 and is not accountable under Australian privacy laws so you will not be able to seek redress under the Privacy Act in relation to for a breach of your privacy by MB Lumius.  By using the calculator, you consent to the collection, use and disclosure of your personal information by MB Lumius as outlined in their Privacy Policy. The Privacy Policy contains contact details if you have any questions or wish to change your consent.

Avant collects, uses and discloses personal information provided to it in accordance with Avant’s Privacy Policy. The calculator does not request personal information such as your name, date-of-birth, address or tax file number to reduce the risks of the financial data supplied by you being linked to your identity.  Avant does not receive or store any of the information you input into the calculator except that if you elect to have the output of the calculator sent to you by supplying an email address, Avant receives a copy of such email and may store your email address together with your inputs into, and the outputs of, the calculator. Where you have supplied your email address, we may reach out to you to regarding your insurance needs and you consent to us contacting you.