Welcome and congratulations on making the decision to look into your life insurance needs.
There are many types of life insurance benefits available
in the market and no product is identical to another. The Trustee does not
intend that this calculator will influence your decision about your super or
any financial product and no such intention should be inferred.
This insurance calculator can provide you with an
estimate of your current life insurance, total and permanent disablement (TPD)
and income protection needs. The calculated cover does not take into account
any existing cover you might have, whether held outside or inside
It’s important you evaluate the appropriateness of
insurance to your financial circumstances. You should consider the cost of
cover over time as this may impact the amount of money you end up with in
retirement. Large or multiple amounts of insurance cover may erode savings you
will have available for your income when you stop working. Like most types of
insurance, you have the option to change, review or cancel at any time.
The calculated type and amount of cover is not a
recommendation or an opinion about appropriateness of the cover and is not
intended to be an exact figure. It does not take your financial needs into
account and is purely based on the information entered and the assumptions. Your
decisions should not be made in reliance on the results produced. You should
consider obtaining professional advice from a licensed financial adviser before
making any decisions about your insurance, the need for any other types of
insurance or for any replacement of insurance.
Please take time to read all of the details about the
calculator – how it works, the conditions and limitations.
How it works
The way the calculator works is by estimating amounts
based on a combination of factors entered by you and a number of assumptions. Key
assumptions, such as the costs associated with living, can change.
The factors to be entered by you include information
about your assets, liabilities and income. There are assumptions you cannot
change (these are matters fixed by legislation) and assumptions you can change
(such as the rate of inflation you think might be relevant to you). The
assumptions you can and cannot change are identified in the calculator. Where
you do not vary the assumptions, the calculator will use the default
The factors you can enter and the assumptions selected
have both been chosen based on a reasonable appraisal of circumstances commonly
taken into account when people consider the protection life insurance can
provide. The default assumptions are based on a combination of government
legislature, regulatory guidance and reputable surveys and studies.
Conditions and limitations
The estimated outcome produced from the calculator is intended
to be illustrative only based on the assumptions and limitations set out. The
outcome is also limited by the accuracy of the data you enter into the
The calculator does not make any assumptions about you or
your circumstances. Before making any financial decisions consider your own
financial circumstances, needs and objectives and consider getting professional
The calculator bases the estimates on the legislative environment
current at the date of its preparation. This legislative environment, along
with your personal circumstances, can change suddenly and the calculator is
unable to predict those changes. It is also subject to a limitation that its
estimates only take into account the general features of the life insurance
product benefit types in the Fund.
About this calculator
This insurance calculator has been made available to
anyone by the Trustee.
It has been developed by TAL Life Limited ABN 70 050 109
450 AFSL 237848 (TAL), whose copyright is reserved. TAL is responsible for the
calculation methodology and the outcomes produced as a result of the
information you add about your circumstances. The systems and logic included in
the calculator are based on existing legislation at the date of its preparation
and do not take into account any proposed legislative changes.
TAL is the insurer underwriter for all insurance cover
provided through the Fund. As such, the estimated amounts of insurance cover
resulting from the use of the calculator are provided as a guide only and do
not constitute a quote or guarantee that the cover that will be available to
you. The estimated cover may be subject to underwriting assessment and approval
by the Trustee and TAL. Premium loadings and/or policy exclusions may also
While you complete this calculator, you will enter
certain personal and financial information. TAL does not collect that
information and will not make it available to a TAL representative that you may
subsequently speak to in regards to your quote or an application. As such, you
may be required to provide the same information at a later stage, especially if
you are applying for underwritten insurance cover.
The information presented in this calculator contains
general advice that has been prepared without taking account of your
objectives, financial situation or needs. Before acting on the information or
deciding whether to acquire or hold a product, consider its appropriateness and
the relevant Product Disclosure Statement (PDS), which is available on this
website. The cost of providing financial services is included in the fees in
the Fund as disclosed in the relevant PDS.
Neither the Trustee nor TAL accept any liability, either
direct or indirect, arising from any person relying, either wholly or
partially, upon any information, provided by, resulting from, shown in, or
omitted from, the calculator. In no way will the Trustee or TAL be liable for
any loss or damage caused by a user’s reliance on information obtained using
2020 © TAL Life Limited (ABN 70 050 109 450 AFSL number
237848) or one of its related companies. “Investing in Life” is a registered
trademark of TAL Life Limited (ABN 70 050 019 450) or one of its related