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| The results appearing on this calculator are indicative only and are based on a series of assumptions. The assumptions are shown below the calculator. The calculations are meant as estimates only and are not intended to be used for any practical purpose. They should be updated on a regular basis. |
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Insurance gap
Check CareSuper
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Insurance cover calculation results |
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Total required cover |
$ 999,999,999 |
$ 999,999,999 |
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Current cover with CareSuper |
$ 999,999,999 |
$ 999,999,999 |
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Current cover not with CareSuper |
$ 999,999,999 |
$ 999,999,999 |
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Cover shortfall (additional cover required) |
$ 999,999,999 |
$ 999,999,999 |
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Total required cover (including super contribution) |
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$ 999,999,999 |
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Total required cover (excluding super contribution) |
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$ 999,999,999 |
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Current cover with CareSuper |
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$ 999,999,999 |
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Current cover not with CareSuper |
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$ 999,999,999 |
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Income Protection cover shortfall (additional cover required) |
$ 999,999,999 |
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If you would like to review a summary of the required cover and cover projections please click 'Check CareSuper'. If you would like to know the next steps please click 'Next'. |
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CareSuper insurance premium results |
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Death and TPD cover |
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Total required cover |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Total required less external cover |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Additional cover required |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Total required cover |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Total required less external cover |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Additional cover required |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Total required cover |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Total required less external cover |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Additional cover required |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Total required cover |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Total required less external cover |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Additional cover required |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Income Protection |
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Waiting period |
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Current income |
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$999,999 per month |
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Total required cover |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Total required less external cover |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Additional cover required |
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Exact amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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Rounded up amount of cover |
99.999 |
$999,999,9999 |
$999.99 |
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So what will you do now? |
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If you want to find out more about insuring yourself adequately, you may wish to contact your financial planner to discuss your options, or alternatively you can contact a CareSuper on 1300 360 149 to arrange a financial planner to contact you.
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If you would like more detail in relation to the insurance options and cover available with CareSuper, you can check out our website at www.caresuper.com.au |
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For further information or if you have any questions, please call CareSuper line on
1300 360 149, or alternatively, you can email
admin@caresuper.com.au
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This calculator provides a static calculation of a cover shortfall that may exist, based on the information you provide, and how if you obtained that cover shortfall amount now, the value and/or premium would change over time in accordance with the current CareSuper insurance offerings. Any change over time does not take into account any other changes in your circumstances, or maintain the real-time value of the cover amount.
The cover shortfall shown is based on the information you provide. Changing the information will change the result.
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Use the insurance calculator to help:
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1.
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See how insurance needs can change, based on different financial and personal circumstances.
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2.
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Start to understand how much cover you might want.
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3.
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See what insurance premiums will be deducted from a CareSuper account based on the selected level of cover.
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| How to use this calculator |
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Select the type of insurance that you would like to calculate. |
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Answer the personal and financial questions in 'Step 2 - Enter details'. |
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Go to 'Step 3 - Insurance cover results' to see what the required insurance cover is based on the answers you have entered. |
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Go to 'Step 4 - Insurance premium results' to see what the premium is for the required insurance cover. |
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Go to 'Step 5 - Insurance cover projection results - Death and TPD' to see what the projected Death and TPD insurance cover and premium would be. |
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Go to 'Step 6 - Insurance cover projection results - Income protection' to see what the projected Income protection cover and premium would be. |
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Go to 'Step 7 - Next steps' for what to do next and other calculators. |
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 Assumptions |
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| 1. | This insurance unit values and premiums referred to in this calculator are based on the CareSuper Member Guide Product Disclosure Statement (Dated March 10) which can be downloaded from the Publications page of the CareSuper website. |
| 2. | There are three occupation categories of cover, reflecting on different levels of risk associated with the range of occupations and roles in which CareSuper 's members are engaged. These are:
General - (default) available to all members and to members.
Office - available to members who exclusively undertake office-based duties. Eligibility rules apply.
Professional - available to members who are professionals or managers, whose work is undertaken mainly within an office environment and are earning in excess of $80,000 p.a. Eligibility rules apply.
For more information on occupation categories refer to the CareSuper Member Guide PDS. Levels of cover shown in this calculator will vary
depending on which category you choose. |
| 3. | A net investment return of 2% above CPI (based on the CareSuper Fixed Interest investment option) is used to calculate the income to cover future required expenses. |
| 4. | The projections round up value of units and related cover. |
| 5. | All eligible CareSuper members (Casual, Part-time or full-time) may apply to purchase Death up to a limit of $5m, TPD cover up to a limit of $3m and Income protection cover up to a limit of $20,000 per month. Limitations apply to some types of cover and in some circumstances . Members may be required to apply, and be assessed and approved by the Fund's Insurer in order to obtain cover. |
| 6. | Cover over the default amount of insurance (where applicable) is calculated on the assumption of a successful underwriting outcome, i.e. satisfactory assessment and acceptance by the Insurer. |
| 7. | Death & TPD and/or Income Protection cover for employer-sponsored members is available without requiring health evidence up to pre-determined levels for new CareSuper members who complete and return a satisfactory member application form within 60 days of the date the 'Welcome to the fund' letter is issued. In all other instances (including Personal Plan members), you are required to apply, be assessed and approved by the Fund's Insurer in order to obtain Death & TPD and/or Income Protection cover. |
| 8. | The Unit-based cover and Fixed cover options can be mixed, however for the purposes of this calculator the cover types are treated separately. |
| 9. | CareSuper rules for Income Protection increases the cover by 5% per annum to take into account inflation. |
| 10. | Dependants includes your spouse, any child and any person with whom you have a close personal relationship and you live together and one or both provides the other with financial support and one or each provides the other with domestic support and personal care. This also includes parties that meet the other criteria but do not live together due to either or both of them suffering from a physical, intellectual or psychiatric disability. |
| 11. | The number of years to cover future expenses is defaulted to the number of years between current age and age 65. Age 65 is when CareSuper does not provide TPD or Income Protection cover. |
| 12. | No allowance has been made for fees or charges. |
| 13. | Income is not split with a spouse, partner or distributed through a family trust or other arrangement for the splitting of your before tax income. |
| 14. | No allowance has been made for PAYG tax and Medicare levies on payments. The results are gross of tax and Medicare Levies. |
| 15. | The calculated level of Income Protection insurance is calculated as 85% (75% as salary + 10% as super contributions) of employment income. |
| 16. | The premium rates are current effective from 15 March 2010 and are subject to change. |
| 17. | To reduce the Income protection waiting period the member would need to be assessed by the insurer. If the waiting period is increased, health evidence is not required. |
| 18. | The benefit amounts shown in the projections are based on the occupation category selected. |
| 19. | The calculation of required cover for death with dependants or disability with or without dependents excludes emergency funds. Emergency funds in these circumstances are assumed to be maintained after the event. For the calculation of required cover for death only with no dependents, the emergency funds are included in the calculation by reducing the required cover by the emergency funds entered. The emergency funds are assumed to contribute to expenses, debts etc. |
| 20. | The inflation rate for increasing the maximum number of units for the Income protection projection of 5% is based on the inflation rate used for increasing the Income protection benefit in the projection. This rate can be changed to see the effect this may have. Please note: This 5% is a fixed part of CareSuper's Income Protection policy. |
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| If your actual situation differs from the assumptions made, then the calculations may differ from your actual amounts. |
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Disclaimer |
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| The information supplied by this calculator should not be relied upon as a true representation of your actual insurance needs, superannuation entitlements or benefits from any particular scheme. The information provided is a guide only and allows you to gain an understanding of how different circumstances may affect the level of cover. |
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| The information contained in this calculator is of a general nature and is not intended as financial advice. It does not take into account your personal objectives, financial situation or needs. Accordingly you should consider how appropriate the information is to those objectives, financial situation and needs before acting on the information. You should consider your own circumstances and read the appropriate Product Disclosure Statements prior to making any decisions. You may wish to consult a licensed adviser. |
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| The information is not a substitute for professional advice from a qualified financial planner. |
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| To the extent permitted by law, CareSuper Pty Ltd disclaims all liability to any person in respect of anything done or omitted to be done, and the consequences of such action or omission, by any such person in reliance upon any part of the information obtained using this calculator. |
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| Increasing your insurance premiums will reduce your retirement account balance. |
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| The methodology and information contained in the calculator is provided to CareSuper by a third party and that CareSuper is not responsible for any errors or omissions by the third party that results in the calculations differing from the actual amounts. |
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| CareSuper Corporate Trustee is CareSuper Pty Limited. CareSuper receives fees and charges in relation to its products as set out in the product disclosure statements. CareSuper employees and/or directors also receive salaries, bonuses and/or other benefits from CareSuper Pty Limited. |
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