How to use the calculator

Simply input your information in the Data Entry section (all fields are compulsory even if the value is $0) and click the Results tab to see the estimate level of cover required. You are able to move between the Data Entry and Results tabs as much as you want to evaluate different scenarios. To go to the Calculator Click here.

Basic Insurance

All new members to the Accumulation Scheme in Local Government Super automatically receive 3 units (5 units for members of the Executive Scheme) of Basic Insurance cover for Death and TPD. As the amount of Basic Insurance cover varies based on your age, a link to a table showing the cover amounts has been included as part of the calculator and shows the 3 unit default value. If you have elected for example to have only one unit of cover, you will need to divide the appropriate level of cover for your age by 3 to determine your cover amount.

Future salary

One of the functions that this calculator performs is to calculate an amount to compensate for the loss of future salary in the event of your death or total and permanent disablement, to provide an income for you and/or your dependants.

As part of this process you are require to nominate a percentage of your current salary that you would like to be covered for. The default percentage for this is set at 67% which takes into account factors that will no longer be applicable for example tax and the usual expenses associated with employment (i.e. travel, clothing and equipment). While this percentage is defaulted to 67%, you are able to adjust this to meet your required level of cover.

It is also important to note that if you have Salary Continuance Insurance on an age 65 benefit, you should consider the impact of this cover on your future salary needs.