– and claims about insurance claims paid
Do you ever wonder whether life insurance claims will actually be paid when the time comes? (We often hear clients express concern about this: and they give that as the reason for why they haven’t taken out protection recommended to them using life insurance products.)
In mid-2010, we received a report from AXA that showed their total claims paid for the 2009 calendar year.
The AXA 2009 claims payment tally was as follows:
- Income Protection/ Salary Continuance Insurance – $149.3 million
- Life Insurance – $127.5 million
- Trauma Insurance – $ 32.2 million
- TPD Insurance – $ 36.4 million
AXA Life was merged into AMP in March 2011.
From time to time we’ll bring you some numbers from other Insurers about similar claims paid.
For 2012, TAL reported that it paid out $580.39 million in policy-holder claims, across the following categories:
- Life insurance – 47% (approximately $272.78 million)
- Income Protection/ Business Expense insurance – 33% (approximately $191.52 million)
- Total & Permanent Disability insurance – 13% (approximately $75.45 million)
- Trauma insurance – 7% (approximately $40.6 million)
It’s reassuring to know that when it is really needed, the protection from financial mayhem occasioned by illness, accident, injury or death is available – and will be paid by your insurer.
Making life insurance claims
Some of the concern around the suspected refusal of insurers to pay claims when lodged comes from inadequately prepared claims applications. Clients of Continuum Financial Planners Pty Ltd are encouraged to initiate their life insurance claims through their financial adviser at our office. We use a well structured process to assist them during the stressful time that usually accompanies claim situations.
Is your insurance protection adequate?
Continuum Financial Planners Pty Ltd has experienced advisers available to assist you in the review of your insurance portfolio. We consider insurance protection to be a financial risk management strategy: to speak to one of our advisers, phone our office (on 07-34213456); or use our website contact us facility to receive prompt, courteous attention.
“We listen, we understand; and we have solutions’ – which we deliver through personalised, professional wealth management advice.”
[This post originally appeared in the September 2010 eNewsletter under the title ‘A claim about claims made’: it has been refreshed/ updated occasionally, most recently in June 2017.]