Welcome and congratulations on making the decision to look into your life insurance needs.

 

Please take time to read the following before continuing on to the next section.

 

 

 

Important information

This calculator is provided by WA Local Government Superannuation Plan Pty Ltd ABN 64 066 797 162, AFSL 269006, as Trustee for WA Local Government Superannuation Plan ABN 18 159 499 614 (WA Super). It provides illustrative calculations of the amounts of Death, Total and Permanent Disablement (TPD) and Income Protection (IP) cover that you might need. It does not consider any other type of insurance.

 

The calculator is provided for general guidance only, and does not provide exact figures. It does not take into account your personal objectives, financial situation or needs, and does not constitute financial advice or a recommendation. Before you act on any information provided by the calculator, you should assess the information in light of your personal circumstances. You should also consider obtaining financial advice from a licensed financial adviser and read the relevant Product Disclosure Statement before making any financial decisions. WA Super does not accept any liability for any loss or damage arising from any person relying on any information provided by the calculator.

 

Before you apply for Death, TPD or IP cover, you should ensure that you maintain sufficient funds in your superannuation account for the ongoing premium payments if your application is accepted. You should be aware that if you decide to pay more insurance premiums to increase the levels of your insurance cover, that will reduce the balance of your retirement savings. As your retirement savings grow, there may be less need to maintain higher levels of insurance. You should reassess your insurance needs regularly as your circumstances may change.

 

The way the calculator works is by estimating amounts of insurance cover based on a combination of factors entered by you and a number of assumptions. The factors to be entered by you include information about your assets, liabilities and income. The assumptions used by the calculator include items you cannot change (these are matters fixed by legislation including the superannuation guarantee levy) and items which you can vary (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.

 

The factors you can enter and the assumptions selected have both been chosen by us based on a reasonable appraisal of circumstances commonly taken into account when people consider the protection life insurance can provide. Where you do not vary the assumptions you are able to change, the calculator will default to amounts we have selected based on reputable surveys and studies (called “default assumptions”). The default assumptions are based on a combination of government legislation, regulatory guidance and reputable surveys and studies.

 

Assumptions and Limitations

This calculator is only intended to be a general illustration of insurance needs based on the assumptions and limitations set out. It is not intended to be relied on for the purposes of making a decision in relation to any specific life insurance product. The calculator and the information and calculations it produces are based 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 products benefit types we have considered when preparing the calculator.

 

We also think you should consider these important factors when using the calculator:

  • Where you have child dependants and do not provide their expense information in detail, the calculator estimates future expenses using the child support tables sourced from the Australian Government Child Support Agency.
  • The calculator also uses the current income tax brackets (as per the ATO website) and the current superannuation tax rate.
  • The calculator only includes child dependants. You should also consider the need to support any adult dependants where necessary.
  • If you are not working full time, the calculator will not provide coverage for the replacement value of any unpaid domestic duties.
  • Your level of cover and/or premiums is based on present day values and your present day situation. Your level of cover and/or premiums may alter over time.

 

Copyright and Trade Marks

WA Local Government Superannuation Plan Pty Ltd ABN 64 066 797 162, AFSL 269006, as Trustee for WA Local Government Superannuation Plan ABN 18 159 499 614

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