Who can use the calculator?

The calculator has been designed for use by UniSuper Accumulation 1, Accumulation 2 and Personal Account members who are eligible to receive Death and Total & Permanent Disablement (TPD) cover, and Income Protection (IP) cover, through group insurance policies the Trustee has taken out with TAL Life Limited (TAL), ABN 70 050 109 450.


Accumulation 2 members

Before using this calculator, Accumulation 2 members must change the:

  • superannuation contribution rate to 14% or 17% in the assumptions page. If you don't know the rate that applies to your membership, check your benefit statement or contact us on 1800 331 685, and
  • benefit payment period to 5 years in the assumptions page for the Income Protection benefit payment period assumption, (unless you've already changed your current UniSuper Income Protection cover benefit payment period to 2 years or to age 65)

If you are an Accumulation 2 member and you do not change the above assumptions before using this calculator, the estimates provided may not be reasonable for your circumstances.


What the calculator can do

The calculator provides an estimate of how much insurance cover you or your family may need to maintain your/their current lifestyle in the event that you:

    • become temporarily unable to do your job because you’re partially or totally disabled
    • become totally and permanently disabled, or
    • die


The estimated amount of cover you may need is based on your current income, expenses, assets and debts, projected to your assumed retirement date of age 65.


What the calculator can't do

The calculator produces an estimate for illustrative and educational purposes only. It cannot be used to accurately predict the actual level of cover you may require. The estimate will not take into account your objectives, financial situation or needs and is not intended to represent or be a substitute for financial advice.


General advice warning

The estimate has been prepared without taking into account your particular financial needs, circumstances and objectives and is therefore not suitable to be acted upon as investment or financial advice. You should consider obtaining advice from a licensed financial adviser before making any financial decision about how much cover you may need. Premiums are deducted from your super account so any decision to increase your cover will ultimately reduce your retirement benefit. You should also obtain and consider the Insurance in your super booklet before making any financial decision in relation to insurance cover available through your UniSuper account.

The calculator is designed for personal use only. The information and projections are based on current laws. Any changes to these laws may impact the estimates produced.



The estimates produced by the calculator are based on default assumptions and are subject to the disclaimer. UniSuper has reviewed the underlying default assumptions and determined that the assumptions applied by the calculator are reasonable unless changed by the user.

If you are an Accumulation 2 member you must change the assumption regarding your superannuation contributions to 14% or 17%.  If you don't know which rate applies to your membership, check your benefit statement or call us on 1800 331 685. In addition, you must change the benefit payment period to 5 years in the assumptions page for the Income Protection benefit payment period assumption, (unless you've already changed your current UniSuper Income Protection cover benefit payment period to 2 years or to age 65).

You can alter some of the default assumptions the calculator applies and obtain an estimate using the changed assumptions. The assumptions can be altered in the Assumptions section of the Financial details page of the calculator. Note that statutory assumptions reflecting a rate or amount fixed by legislation cannot be changed.

The default assumptions are as follows:

    • The Income Protection benefit period, which is the maximum length of time you will be able to receive benefit payments, is defaulted to 2 years (please note that if you are over age 63 the income protection benefit will be payable to age 65 so the income protection benefit period may be less than two years). You have the option to change the benefit period to 5 years or to age 65. Accumulation 2 members must change this assumption to a default 5 year benefit payment period for Income Protection unless they have made a change to the waiting period 
    • The Income Protection waiting period, which is the minimum length of time you will have to be off work before you start to receive any benefits, is defaulted to 90 days. You have the option to change this to a 30 day or 60 day waiting period 
    • Retirement age is defaulted to age 65
    • The Dependant defined age, which is the age that your child or children will be financially independent (if you indicate that you have children), is defaulted to age 18
    • The Consumer Price Index (CPI) is defaulted to 2.75% which represents UniSuper’s long-term CPI inflation assumption as determined by the Trustee in conjunction with UniSuper’s actuary
    • The Real interest rate, which is the amount (above CPI) that any Death or TPD insurance benefit might have earned had it been invested in your superannuation fund, is defaulted to 5% per annum . This is a best estimate assumption of the real investment returns on UniSuper’s default investment option, the Balanced option
    • Superannuation (Income Protection), which is the portion of your current before-tax income that may be paid into your superannuation account if you claim an IP benefit, is defaulted to 10%. The actual amount to be paid into your superannuation account will depend on the level of cover you have.  Any amount above 75% will be paid as a superannuation contribution into your superannuation account 
    • Superannuation (Death/TPD), which is the portion of your current before-tax income that may be allowed for in any Death or TPD insurance benefit payable to you, is defaulted to 9.5% for Accumulation 1 and Spouse Account members. Accumulation 2 members must change the superannuation contribution rate to 14% or 17% 
    • The Income Protection replacement ratio, which is how much of your current before-tax income you may be paid if you take IP cover and are able to claim an IP benefit, is defaulted to 75%
    • The question Do you want to reduce your TPD benefit with Income Protection benefits?, which asks whether you’d like your calculated TPD benefit to be reduced by the sum of all future IP payments, is defaulted to answer No
    • The Additional disability expense is the average assumed yearly cost of being disabled, and is defaulted to 29% of total household income. This figure has been determined by our external insurer TAL Life Limited
    • Funeral costs, which is the amount set aside in your death benefit for the payment of funeral expenses, is defaulted to $20,000

The calculator does not record or store any data you enter or any estimates it produces.



The Insurance needs calculator is provided by UniSuper Management Pty Ltd ABN 91 006 961 799, AFS Licence No. 235907 (UniSuper Management) on behalf of UniSuper Limited ABN 54 006 027 121 (Trustee), the Trustee of UniSuper ABN 91 385 943 850.

The Insurance needs calculator has been provided by UniSuper Management in good faith and every reasonable attempt has been taken to ensure that the projections produced are accurate and complete. The accuracy of the results will depend on the accuracy of information you input and the assumptions. No representation or guarantee is provided regarding the future performance of any UniSuper superannuation product.

The information resulting from the calculations should not be relied upon as a true representation of any actual superannuation entitlements or benefits from any particular division of UniSuper or relied upon as a basis upon which to alter you insurance or financial arrangement without advice from a professional.

UniSuper Management and its directors, officers, employees and associates make no representations in respect of, and, to the extent permitted by law, exclude all warranties in relation to the accuracy, currency or completeness of the information and projections provided by the calculator, and, accept no liability whatsoever (including by way of negligence) for any loss or damage, however caused, as a result of any person relying, in whole or part, on any information or projections obtained by using the Insurance needs calculator.

I have read the disclaimer and assumptions.