Personal Insurance
We talk to our clients about all facets of their financial lives and it is interesting the value people put on their assets, or indeed themselves.
The average mortgage on the Gold coast would be something over $300,000 yet the average Life Insurance claim is a bit over $150,000.
The statistic show that more homes and business are lost due to injury, illness or death as opposed to fire, yet so many more people insure their homes and not themselves adequately.
Surveys have indicated that much of this is commonly due to people either not understanding insurance products or not knowing where to get good advice. As with the rest of your financial plan, insurance needs to be reviewed regularly as products and prices often change along with your individual circumstances.
We provide advice on personal insurance requirement including, life insurance, income protection and trauma insurance.
If you would like your personal insurances reviewed please contact Renee by email or call our office on 07 5598 3800. Try the Financial Tools calculator on our website to assess whether your current insurance is adequate to provide for you and your family.
Insurance claim statistics from 2007 showed the industry as a whole paid out $3 Billion in claims across all types of cover - that’s $8 Million per day. When the Victorian bushfires struck, where tragically 173 people lost their lives, claims on Life Insurance and Income Protection policies were far out-weighed by claims on House and Contents policies.
Below are some insurance facts provided by one of Australia’s Insurers.
|
Insurance Type |
Consumers with Insurance |
Did you know? |
Average Monthly Premium |
Average Claim |
| Car |
71% |
A vehicle is stolen every ten minutes in Australia |
$89.42 |
Less than $5,000 |
| Contents Cover |
60% |
In Australia, someone is burgled approximately every two minutes |
$57.52 |
Less than $5,000 |
| Building Cover |
54% |
In Australia each year there are over 10,000 house fires |
$67.03 |
Less than $5,000 |
| Life |
16% |
In Australia each year one in three men and one in four women will be diagnosed with a cancer in the first 75 years of life |
$25.81 |
$158,000 |
| Income Protection |
6% |
Of the working population in Australia, one in six men and one in four women are expected to suffer a disability from the age of 35 to 65 that causes a loss of six months or more from work |
$130.02 |
$21,000 |
| Total & Permanent Disability |
5% |
Around 2.5 million Australians aged below 65 are living with a physical disability |
$25.00 |
$162,000 |
| Trauma |
3% |
Two out of five Australians will suffer a critical illness before they reach 65 |
$32.77 |
$163,000 |
