Your browser version is no longer supported, so you may experience issues while using this site.
Please upgrade to a current browser to enjoy the best experience.

How much life insurance do I need?


Life Insurance is there to help out those we love when we no longer can, which is why it’s important to work out how much cover you need. This ‘how much’ question isn’t about a 'one size fits all' solution, but about asking yourself the right questions to work out what level and kind of cover will best suit your budget and your loved ones’ needs.

So what kinds of things should you ask to work out how much life insurance you need?

Start with a list of all the things you currently pay out

Make a list of current ongoing payments, such as:

  • Your home mortgage
  • Your personal loans
  • Your credit cards debts.

Consider what your family would still need

Then consider the things you pay for that your family would still need if you were no longer there to provide for them, such as:

  • Education costs – how much will it cost to educate your children right through high school or even university?
  • Rent and other bills
  • Clothing
  • Food and groceries
  • Health Insurance
  • Car Insurance
  • Home and Contents Insurance
  • Petrol and car maintenance.

Tally up the cost

Work out the total cost of these items. Then subtract the things you, or your family, could do without – like investment properties, stocks, or cash. The total amount will give you an idea of the level of life insurance cover you need.

To help you get a rough idea, try using our simple life insurance calculator. It can help you work out how much you’ll need to cover your funeral, pay off your debts, and take care of your loved ones once you are gone.

Contact us

If you have any questions about AAMI life insurance, feel free to call us on 13 22 44, or get a quote online.

AAMI Life Insurance is issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 and is distributed by Suncorp Financial Services Pty Ltd ABN 50 010 844 621, AFSL 229885 under the AAMI brand. Information provided is general advice only and has been prepared without taking into account your personal objectives, situation and needs. Eligibility for cover and the payment of any benefit are subject to the relevant terms and conditions including no claim and waiting periods, exclusions, limits and eligibility conditions.  Read the AAMI Life Insurance Product Disclosure Statement available at and consider whether it is appropriate for you before making any decisions about whether to buy or continue to hold a product.