Once again, our office has received some industry statistics* of the amount of Risk Insurance claims being paid for the previous financial year. Last year we sent a blog with the industry statistics for claims paid in 2014 being a total of 75,653 individual claims totaling $4.9 billion in funds paid. For 2015 that figure has risen to 89,291 claims with a total of $6.9 billion paid to clients.
The comparison is as follows:
The leading causes of claims:
Death – Cancer, Heart Disease & Accident/Suicide
TPD – Musculoskeletal, Mental Health & Cancer
Trauma – Cancer, Heart Disease & Neurological
Income Protection – Mental Health, Musculoskeletal & Cancer
That is a lot of people who didn’t want to claim – but had to. It is important to keep in mind that none of these claimants would have expected to claim on their insurance and if they hadn’t received funds from their insurance, where else would they have got the money from?
If you would like to speak to an adviser about your current policy or if you would like more information on which policy may be best for you and your family, please contact our office on (07) 5574 0667 as we strive to provide you with peace of mind you will have money when you need it most.
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Wahlstrom Financial Services Pty Ltd, ABN 43 078 015 988, is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd ABN 61 094 529 987 an Australian Financial Services Licensee number 244252. Millennium3 Financial Services Pty Ltd and Wahlstrom Financial Services Pty Ltd are not responsible for the advice given regarding lending. This information (including taxation) is general in nature and does not consider your individual circumstances or needs. Do not act until you seek professional advice and consider a Product Disclosure Statement. The views and opinions expressed within this letter are those of the author and do not necessarily reflect those of Millennium3 Financial Services Pty Ltd.