Our Insurance Philosophy Workbook and Insurance Philosophy Calculator are designed to enhance the efficiency of your insurance process, and help you determine the best level of cover for your client.

This calculator is designed to be used by financial advisers and is not for wider distribution. Advisers should exercise their own professional judgement in determining whether this calculator and its output is appropriate for use in their business and with their clients. Advisers remain responsible for determining and adhering to their own obligations, including preparing and giving their clients information and advice in accordance with applicable laws and their licensee’s requirements.
This calculator is only intended for illustrative purposes only and does not constitute an offer of insurance. To apply for cover, a person needs to submit a fully completed application form and provide any other information that AIA Australia requires. This calculator does not constitute a recommendation or statement of opinion about insurance and is not intended to influence a person to acquire any particular insurance or other financial product.
To the maximum extent permitted by law, AIA Australia takes no responsibility for reliance by any person on the information in or relating to this document (including the calculator). This information is general information only and does not take into account factors like the objectives, financial situations or needs of any individual and is not intended to be financial, legal, tax, accounting or other advice. Before acting on the information, you should consider the appropriateness of this information having regard to such factors and the relevant Product Disclosure Statement (available at aia.com.au).  No particular impact on you resulting from the use of this calculator is guaranteed.
It cannot, and does not try to, predict actual insurance benefits as these are subject to the policy features selected by the customer, the operation of policy terms and conditions (including permissible changes to those terms and conditions) as well as changes to the customer’s circumstances, investment earnings, tax, inflation and applicable law..
Tax considerations have not been taken into account in this calculation. Please seek independent tax advice.
Any assessment of income needs will be expressed in gross, before tax terms.
Any illustration is based on the present life expectancy rates and that life expectancy will alter in the future – we do not plan to use life expectancy in our tool.
Copyright © 2017 AIA Australia Limited (ABN 79 004 837 861 AFSL 230043). All rights reserved.
Assumptions used in non client specific data was obtained from the following sources:
Average weekly spend by lifestage without housing or education - Source Australian Bureau of Statistics Household Expenditure Survey 2009-10
Type of Child Care Price Range - Source www.careforkids.com.au retrieved Sept 2014
Type of primary school, secondary school and university degree price range - Source www.workingin-australia.com retrieved Sept 2014
Type of funeral price range - Source www.moneysmart.gov.au retrieved Sept 2014
Trauma Medical Expenses based on the fact that cancer makes up 63% of trauma claims - Source AIA Life, TAL, Asteron Life 2014
Cost of Cancer Care - Source Rice Warner Actuaries December 2013 Risk Newsletter
Carer, Motor Vehicle and Housekeeping costs - True Cost of Ongoing Disablement - Macquarie Life and The Risk Store - Oct 2013