Tag Archives: Insurance Statistics

Create | Protect | Enjoy – Helping you be there for your Children – Child Insurance

Your children’s lives are full of great experiences and big adventures.  And as a parent, you’re there to support them every step of the way.  Most importantly, you’re there if your children ever get sick – regardless of the demands that may place on your time and your finances. No one likes to think about their children getting sick or injured but it is better to have a plan in place now to ensure you have options available to you should the unfortunate event occur.

child_umbrellaChild Insurance can help you cover the extra financial burden of a serious illness, so you can do what ever it takes to get them healthy again.

What is Child Insurance?  Child Insurance pays a lump sum if your child suffers from a serious medical condition.  The point of Child Insurance is to provide funds to help you fund any out-of-pocket medical expenses, and allow you to take time off work to care for your child.  It is designed to get you by while caring for you child. To apply for cover your child must be aged between 2 and 18 years of age.

Conditions:  The types of conditions that Child insurance will provide funds for include cancer, blindness, brain damage, cardiomyopathy, chronic kidney failure, deafness, intensive care, loss of limbs / sight / speech, major organ transplant, meningitis, stroke, severe burns and a number of other conditions. Like all insurances, they vary between insurer and policy so you’ll need to refer to the Product Disclosure Statement of the product to know what your particular policy covers.

Cost:  Premiums for Child Insurance are inexpensive and easy to apply for.  There are no medicals or tests required and the cost can be as low as $10 per month for $50,000 of cover.

Continuation of Cover:   When your child grows into a young adult, generally Child Insurance can be converted to Trauma cover without the need for any medical tests.  This allows your child to continue being comprehensively covered in their adult years.

Sadly, many children suffer from medical conditions and accidents which are serious.  Child Insurance provides financial support should the unforeseen happen to your children and most importantly reduces the financial stress to provide choices to aid in your child’s recovery.  JBS can assist in this area if you wish to discuss in more detail.

Insurance Claim Statistics; You won’t believe it!

You wouldn’t believe the amount of claims that were paid by our life insurance companies last year, so we thought we had better show you!  Industry statistics show a total of $3.5 billion in claims were paid out by Life Insurance companies over 2010 helping out a staggering 61,274 individuals and families.  The following table provides a breakdown of the insurance claims paid in 2010.






Income Prot


Claim Paid ($) $1,629,150,468 $460,930,853 $443,736,522 $1,033,831,983 $3,567,649,826
Number 16,173 5,477 2,531 37,093 61,274

This  enormous amount of $3.5 billion would not have been paid if it weren’t for the work that is done with clients, by advisers, to protect family lifestyles and assets and businesses from the devastating effects of illness and injuries.

An average of $14.3 million was paid to 245 Australians, each working day in 2010.

All of these statistics include data from the following insurance companies:
AIA, AMP, Asteron / Suncorp, AXA, BT, CommInsure, OnePath, Macquarie, MLC, Tower, Zurich

Key Points

•    Not one of these claimants expected to claim on their insurance.
•    If these claimants hadn’t received the $3.5 billion from their insurance policies, where else would they have got that kind of money?
•    This is not a one-off statistic:  over the previous 5 calendar years the total claims paid out from the above insurance companies to
policyholders totals just under $15 billion.

That’s a lot of people who didn’t ever want to claim – but had to.  How glad do you think they and their dependents were, to have been wise enough to take the good advice of their adviser and plan for the unexpected?

Are you adequately protected?  Is your cover right for you, your family, and your personal situation right now?  If you would like to discuss your personal situation or be added to the JBS Newsletter list, please contact us via our website or strategies@jbsfinancial.com.au.

Source: the risk store