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This is how life insurance is helping Australians like you

Life insurers pay out billions of dollars in claims each year. That’s thousands of families who are getting much-needed financial support.

To give you an idea of the age at which people are making a claim, and the conditions they’re claiming for, we’ve created this snapshot.

As you read through, remember that life insurance is more than simply Term Life Insurance (also known as Death Cover). These statistics also refer to claims for Trauma Insurance, Total and Permanent Disability (TPD) Cover and Income Protection Insurance.

Who Is Making Life Insurance Claims?

The financial responsibilities we have at every age are significant, but that’s especially true during your forties and fifties. Unfortunately, as you try to balance mortgage repayments, education costs and your family’s health care, your risk factors for a range of health conditions increase.

The average age of an AMP customer who made an insurance claim in 2017 was only 52 years old, with over 40% of claims coming from those aged between 50 and 59[1]. AIA showed similar statistics that year; the group most likely to make a claim were those in the 45 to 55 age range[2].

In the same time period, BT Life Insurance found that the average age of the claimant for Trauma Insurance and TPD Cover was ~50 years and for Income Protection Insurance it was 44.3 years[3].

What Conditions Do Australians Claim For?

The conditions that Australians claim their insurance for are those that we each encounter on a daily basis. More than a number, they represent life-changing events that have a deep impact on the people they affect.

Cancer

It’s hard to find someone who hasn’t already been affected by cancer in some way. The Cancer Council estimates that 1 in 2 Australian men and women will be diagnosed with cancer by the age of 85, though it can happen at any age[4].

Musculoskeletal

You may already be experiencing the effects of musculoskeletal conditions if you experience back pain, sciatica, or osteoarthritis. Musculoskeletal diseases often stop people from working, both temporarily and permanently, and are commonly claimed under TPD and Income Protection policies.

Injuries & Fractures

When we think of unexpected health events, injuries and accidents are high on the list. Because there’s such a wide range of injuries that can occur from an accident (like bone fractures or joint dislocation), it’s a common reason for claims across all types of life cover.

Mental Health

An estimated 4 million Australians have experienced a common mental health disorder, like post-traumatic stress syndrome, depression, or anxiety. People suffering from a mental health condition may make a claim on Income Protection and Trauma cover while they are unable to work.

Circulatory System Disease (Cardiovascular)

Cardiovascular disease affects one in six Australians—that’s 4.2 million of us. The Heart Foundation reports that nearly 75% of Aussies between 30 and 65 have at least one risk factor for heart disease[5]. It’s a common reason for claiming across all insurance types.

How Life Insurance Can Help You

Life cover can help you provide for yourself and your family if you’re affected by any of the conditions above.

If you’d like to better understand the type of protection offered by different types of life insurance, compare your options today.

Our licensed advisers can answer any questions you have, on your time, and provide you with quotes from our panel of 10 leading life insurers.

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