Recent claims information from Comminsure reveals that many people in Australia have insufficient insurance to meet their needs. According to the data released from the 2011 claims, there was a total of $107, 040, 248 paid out in death claims averaging at $174,902 per claim. The average trauma claim was $175,649 with a total of 498 claims made over the course of the year. There were 75 TPD (total permanent disability) claims averaging $164,720 each and income protection claims stood at 2,154 and averaged $40,391.
The necessity of having insurance protection, particularly life insurance cannot be understated. With so many Australian insufficiently protected, a large number of people simply don’t have the insurance they need to cover themselves in the event of a severe illness or injury, which could lead to extreme financial hardship for many families.
The high rate of claims from Comminsure indicates a real need for insurance protection although it would appear that Australians are either not aware of the risks or they don’t take them seriously. With the right advice it is possible to make sure you have enough protection to help prevent your family being left financially vulnerable in the event of your death or an illness or injury that stops you from working. If you think that life, trauma or income protection insurance are not affordable for you why not speak to one of our financial planners who may be able to help you find a product that will offer some level of protection at an affordable cost?
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