Calculate your cover

Not sure about how much cover to get and what it costs? Here’s how to use the Insurance and the ADF Super booklet to crunch the numbers.

This page gives you a couple of worked examples of how to calculate Death and Total and Permanent Disablement (TPD) cover, and Income Protection cover using information in the Insurance and your ADF Super booklet.
Premiums vary slightly month-to-month, depending on the number of days in each month.

Let's start with the formulas

Death and TPD calculations

*averaged to include leap years

Income Protection calculations

*averaged to include leap years

Two examples, two age groups

Jessica’s story

Death and TPD

Jessica’s 36 and she’s just left the ADF. Because lifePLUS Protect default cover is age-based, her cover at 36 is $150 000 for Death cover and $50 000 for TPD cover.

She didn’t change her default cover, so her annual, age-based premiums are $0.64 for Death and $1.50 for TPD for every $1 000 of insurance she has.

Here is an example of how to work out cost of Jessica’s monthly Death and TPD insurance cover for a 30-day month like June using the formulas above and the Fees and premiums tables in the Insurance and your ADF Super booklet.

Jessica’s Death cover calculation for a 30-day month
Jessica’s TPD cover calculation for a 30-day month

Jessica’s total Death and TPD cover premium for a 30-day month works out to be:

$7.89 (Death cover premium)+ 6.16 (TPD premium) = $14.05

Income Protection

Jessica also decided to apply for Income Protection cover through lifePLUS Protect Choice. When she applied, she chose:

  • to cover 85% of her base annual salary (which is $90,000), made up of 75% income plus 10% payment to her ADF Super account
  • a 60-day waiting period
  • a two-year benefit payment period.

Jessica’s annual, age-based premium rate is $3.56 for Income Protection for every $100 of insurance she has.

Here is an example of how to work out cost of Jessica’s monthly Income Protection insurance cover for a 30-day month like June using the formulas above and the income protection premiums tables in the Insurance and your ADF Super booklet.

Jessica’s Income Protection cover calculation for a 30-day month

If Jessica made a successful Income Protection claim, based on the cover she chose, she’s insured for $76 500 for a period of 12 months, which works out to be a benefit payment of $6 375 per month (plus she’ll get a 10% payment into her ADF Super account).

Matt’s story

Death and TPD

Matt’s left the ADF shortly after turning 28 and the automatic lifePLUS Protect cover for his age was $150 000 (Death) and $50 000 (TPD). Like Jessica, he didn’t change his default cover, so his annual, age-based premiums are $0.57 for Death cover and $0.49 for TPD cover for every $1 000 of insurance he has.

Matt’s Death cover calculation for a 30-day month
Matt’s Death cover calculation for a 30-day month
Matt’s total Death and TPD cover premium for a 30-day month

$7.02 (Death cover premium)+ 2.01 (TPD premium) = $9.03

Income Protection

Matt too decided to apply for Income Protection cover through lifePLUS Protect Choice. When he applied, he chose:

  • to cover 85% of his base annual salary (which is $60,000), made up of 75% income plus 10% payment to her ADF Super account
  • a 60-day waiting period
  • a two-year benefit payment period.

Matt’s annual, age-based premium rate is $2.45 for Income Protection for every $100 of insurance she has.

Here is an example of how to work out cost of Jessica’s monthly Income Protection insurance cover for a 30-day month like June using the formulas above and the income protection premiums tables in the Insurance and your ADF Super booklet.

Matt’s Income Protection cover calculation for a 30-day month

If Matt made a successful Income Protection claim, based on the cover he chose, he’s insured for $51 000 for a period of 12 months, which works out to be a benefit payment of $4 250 per month (plus he’ll get a 10% payment into his ADF Super account).

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