How much insurance do we need?
A quick starting figure for your family's cover, based on your mortgage, income and what you already have.
Life cover to consider
A starting point, not a recommendation. The right mix depends on your budget, health and what else you have in place.
Get it checked by KyleGeneral estimate only, not financial advice. It doesn't consider your health, budget, ACC entitlements or policy terms, which all affect what's right for you.
Making sense of the results
Life cover is the lump sum your family would get if you died. The aim is to clear the debts and give them time to adjust without money worries.
Income protection pays a monthly amount if you can't work because of illness or injury. Insurers usually cap it at around 75% of your income.
Mortgage protection is a simpler option that covers your repayments only. Some families choose it instead of income protection, or alongside it.
Trauma cover pays a lump sum if you're diagnosed with a serious illness such as cancer, or have a heart attack or stroke. One to two years' income is a common starting point.
Want to know more? Read about insurance for young families, or why protection matters more with a 5% deposit.
Quick answers
How is the life cover figure worked out?
It adds your mortgage, other debts, 70% of the covered person's income for the years you choose, and $15,000 for funeral and immediate costs. It then takes off savings and any life cover you already have.
Should both parents have cover?
Usually, yes. Run the calculator once for each parent. A stay-at-home parent often still needs cover for childcare and household costs, even without a salary.
Let's talk about your family's plan
A free, no-pressure chat in Papakura, by phone or online.