Have you’ve ever wondered how important having a Life Insurance policy may be for you?
TAL and AIA’s latest stats on Life Insurance claims might convince you the investment is worth it…
Wealth Smart partners and Life Insurance providers TAL and AIA have recently released their own findings on their own Life Insurance claims – and what they’ve found might not be what you expected.
An AIA March 2015 advisers’ report has revealed that AIA paid out almost $900 million in claims in 2014. TAL has also stated it supplied almost $950 million last year. That’s nearly an average of $4 million for every working day.
And you’ve got a pretty high chance your claim will be accepted. Here’s a startling statistic:
Last year AIA approved 92.9% of its claims.
Here are just a few more salient points from their data:
The AIA and TAL reports prove Life Insurance may be important for everyone. No matter your income or professional position; people from all walks of life benefited from insurance claims last year.
Among AIA’s successful claimants in 2014 were tradies, managers, doctors, accountants, hairdressers, architects, scientists, executives, and many more.
We often think age is everything when it comes to Life Insurance; we think it’s critical at certain life points and irrelevant at others.
But Life Insurance matters just as much for younger adults or those entering retirement.
AIA’s youngest and oldest insurance claimants in 2014 attest to that:
In fact, TAL found that 49.6% of Life Cover claims were made by those over 65 years of age. And just over 50% of Total and Permanent Disability claimants were 56 to 65 years old.
But other types of Life Insurance can be more important to youth. Almost 25% of TAL’s Income Protection claims came from those under 35 years of age.
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