This tool is available to Merit Financial Services advisers and authorised partners.
Let's start with some basic details to personalise your analysis.
We need your gross (before-tax) income from all sources.
How much does your household need to maintain its current lifestyle?
Outstanding loan balances — these would need to be cleared if something happened to you.
Your superannuation is particularly important — it would be paid out as a lump sum if you passed away or became totally disabled.
Tell us about any insurance cover you already have. Don't worry if you're unsure — we can help you find out.
Based on the information you provided, here's what we recommend.
Prepared for —
| Cover Type | Recommended | Current | Gap |
|---|
⚠️ You may be over-insured. Consider whether redirecting premium savings toward wealth creation could improve your overall financial position.
| Feature | Death/TPD in Super | IP in Super | IP Personal |
|---|---|---|---|
| Tax Treatment | ✅ Premiums tax deductible to fund (15%) | ✅ Funding solution | ✅ Full deduction at your marginal rate |
| Premium Impact | ⚠️ Premiums increase significantly from mid-50s | ❌ Only 15% tax offset vs personal marginal rate | ✅ Broader benefit definitions |
| Retirement Impact | ⚠️ Erodes retirement balance over time | ❌ Restricted benefits under SIS legislation | — |
Pays a lump sum to your beneficiaries if you pass away. Designed to clear debts, replace lost income, and secure your family's future.
How it's paid:
Pays a lump sum if you become totally and permanently disabled and can no longer work. Covers debts, medical costs, home modifications, and ongoing living expenses.
How it's paid:
Pays a lump sum on diagnosis of a specified critical illness (e.g. cancer, heart attack, stroke). Provides immediate funds for treatment, recovery, and time off work without touching your other assets.
How it's paid:
Replaces up to 75% of your gross income if you're unable to work due to illness or injury. Pays a monthly benefit after a waiting period (typically 30 days) until you return to work or reach the end of the benefit period (typically age 65).
How it's paid:
"Be insured — but to the right levels."
"Don't get caught in an overinsured position where wealth creation is impacted."
"Review your insurance at least annually."
"Insurance through super is convenient, but monitor it carefully — rising premiums in your 50s can quietly erode your retirement savings."
"The right structure matters as much as the right amount."
Henry Wilden, our Insurance Solutions Manager, can provide a tailored quote based on your needs analysis.
Thanks! Henry from Merit Insurance will be in touch within 24 hours.
Merit Financial Services | meritfp.com.au | 📞 1300 827 439 | ✉ service@meritfp.com.au
Corporate Authorised Representatives of Paragem Pty Ltd | ABN 16 108 571 875 | AFSL 297276. This calculator provides general information only and does not constitute personal financial advice.