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.

2010 CLAIMS PAID BY PRODUCT TYPE

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