Many of us know or have known someone that has suffered a tragedy such as the death of a loved one or fallen victim to illnesses and injuries. While the emotional effects and grief involved are heart wrenching, the financial impact can have an equally traumatic effect for everyone involved.
In the last 18 months at ToppTunbridge, we have seen a rise in the number of claims, particularly for Trauma and Income Protection. The incoming telephone calls for claims lodgement are a reality of our business and it reinforces the importance insurance makes in the lives of our clients.
We are often asked the question "do insurance companies actually pay?" Simply, yes, as unfortunately only too often we receive the phone call advising us of an illness or death of a client to which we start the ball rolling on a claim, with the ultimate outcome of claim payment made to our clients.
We share with you the attached photo showing that since 2002 our practice alone has paid over $65 million dollars in claims to our clients from one insurance company alone. This is powerful evidence of the fact insurance really does pay!
Further proof can be seen from the 2014 industry claims payments. Looking at two insurers, they each paid out the following staggering amounts on claims:
AIA Australia: over $861,000,000 - that’s over $3.4 million every working day
TAL Life: over $948,000,000 – that’s over $3.79 million every working day
Claims payments for our clients have been the difference between mediocre care vs the best cancer treatments money can buy – or it’s been as simple yet as crucial as saving our clients from losing their family homes in an already stressful situation.
In the event a claim is lodged, we are there to guide our clients through the process, ensuring their claim is processed as quickly and as efficiently as possible. In traumatic times, our clients have the peace of mind knowing we are there to assist through the entire claims process from completion of initial claim forms to lodgement and follow-up of any outstanding requirements, with a dedicated team member responsible and able to update on all aspects and status of a claim.
Current statistics are clear that the next claim lodgement is unfortunately never too far away – but the certainty for many of our clients of a lump sum payment or an on-going source of income is a huge burden removed from the picture. In knowing that insurance claims really do pay, we thought it prudent to share with you some of the realities of our world, and ask whether you can afford not to have personal risk insurance?
- Statistics indicate that one third of women and a quarter of all men will suffer cancer at some stage in their lifetime.
- An estimated 128,000 new cases of cancer will be diagnosed in Australia this year, with that number set to rise to 150,000 by 2020.
- Cancer accounts for about 3 in 10 deaths in Australia.
- The most common cancers in Australia (excluding non-melanoma skin cancer) are prostate, bowel, breast, melanoma and lung cancer.
- In 2015, it is estimated that 15,600 women will be diagnosed with breast cancer.
- The risk of developing breast cancer increases with age; the average age of first diagnosis in women is 60 years.
- One in eight women will develop breast cancer in their lifetime.
In being faced with these odds, it makes sense to have a quality contract that which, as per our client value proposition, will provide you with money when you need it the most.
Can you really afford a future without risk insurance?
For a confidential discussion about your risk insurance needs, please call us on 9935 5233 to set an appointment to meet at our Little Collins Street office in Melbourne CBD.
Source of data: AIA Australia and TAL Life.
Aon Hewitt Financial Advice Limited | ABN 13 091 225 642 AFSL No 239183
This information may be regarded as general advice. That is, your personal objectives, needs or financial situations were not taken into account when preparing this information. Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it. Where the information relates to a particular financial product, you should obtain and cons