New Zealand’s KiwiCover, an online life and health insurance provider, has launched a life insurance calculator to calculate the amount of life cover a person ought to have.

The calculator uses proprietary modelling techniques and takes into account the living circumstances of the person, whether that is family-based or living alone, and whether the person rents or owns their own home.

It also takes into account dependent children, individually calculating the amount which they need by way of upkeep until each child attains the age of 18.

Alan Kelly, managing director of KiwiCover Insurance, said a unique feature of the calculator is that, for family situations, it calculates an income-based ‘dependency ratio’ for an insured person’s partner.

This is then used to calculate the level of additional income supplement needed by the partner in the event of the insured person’s death, following a period of paid bereavement leave.

According to KiwiCover, unlike other calculators, the calculator does not simply produce a single number.
The provider said It supplies a detailed breakdown as to how the calculated sum insured is arrived at, so a person can understand the rationale behind the amount and apply their own reasoning to each component.

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The person can then choose to adjust that amount according to their own assessment and judgment, before they apply for cover.
KiwiCover aims to provides a self-help, no-hassle facility for New Zealanders to access affordable, high-quality insurance.
Policies offered through KiwiCover are underwritten by New Zealand’s Sovereign Assurance Company.