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Posted on: April 16 2018

This module is designed to show you how to plan for the unexpected.

Many of us insure our cars, yet we neglect to insure our own livelihoods.

Whether we have some kind of contingency plan or not, there’ll still be consequences if certain events occur. For example, if we were to die or be injured, there would be ramifications both personally and financially.

Being proactive with insurance planning can make a significant difference to our lives and the lives of our loved ones.

Many reports state insurance companies do not pay out on the insurances, below is one insurance company who has released their payout figures including the youngest and oldest claimant and the average claim payment made.

Term Life Insurance Claims

Cancer
35%
Cardiovascular
19%
Multiple impairments and combined conditions
13%
Respiratory
9%
Accidents
4%
Neurological
3%
Infectious Diseases
3%
Urinary and reproductive system conditions
3%
All other conditions
3%
Gastrointestinal
2%
Mental Health
1%

65.5
Average age at claim

18
Youngest claimant

96
Oldest claimant

$330,000
Average payment amount per claim^

^Excluding Funeral Cover and Permanent Life Plan (SI<$10k)


Living Insurance (Trauma) claims

Cancer
67%
Cardiovascular
18%
Accidents
6%
Neurological
5%
All other conditions
4%

49.6
Average age at claim

27
Youngest Claimant

68
Oldest Claimant

$194,00
Average payment amount per claim


Income Protection Claims

Musculoskeletal
21%
Accidents
21%
Mental Health
19%
Cancer
13%
All other conditions
9%
Neurological
7%
Cardiovascular
5%
Gastrointestinal
3%
Infectious Diseases
2%

44.3
Average age at claim

20
Youngest claimant

65
Oldest Claimant

$5,697
Average payment per claim


TPD Insurance Claims

Musculoskeletal
23%
Neurological
19%
Accidents
17%
Mental Health
14%
Cancer
10%
Cardiovascular
7%
All other conditions
7%
Infectious Diseases
3%

50.5
Average age at claim

22
Youngest claimant

65
Oldest claimant

$281,000
Average payment amount per claim

 

Source: BT

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