Getting the right amount of cover
The amount you need to insure yourself for can be calculated using the really simple equation of Debt + Education costs + Loss of income over a 10 year period. It's important for you to make a realistic assessment of the value of your future income, as well as your debt - after all, a debt should not outlive the person who created it. Using our formula, you can quickly calculate an amount of cover that will protect your loved ones and ensure their quality of life.
Reduced Cover
The formula above may generate a result that seems too much to you. You may also have a small amount of life insurance cover in your superannuation account for example. The amount of cover you take out with Goodwill Life Insurance is up to you - the formula is a guide only.
Need to budget?
Should you wish to effect a lower cover of $500,000 for example, the following estimated monthly first year premium would apply:
| Age | Male | Female |
|---|---|---|
| 30 | $32.11 | $22.40 |
| 35 | $31.24 | $24.60 |
| 40 | $36.53 | $29.47 |
| 45 | $54.66 | $41.41 |
Monthly premiums are based on a non-smoker rate.