At the end of November 2024, we have helped our clients get over $165 millions in claims paid from Australian Life Insurers. These include claims for death benefits, Total and Permanent or TPD benefits, trauma or critical illness benefits, income protection benefits and business expenses disability benefits. The claims have been paid from over 10 insurers that we have liased with as a broker for life and disability insurance across Australia.
An extensive list of past claims we have arranged for insured clients to date can be seen via the link below that gives you insights into the types and amounts of claims we have assisted with as well as the causes behind the claim
Life Insurance And Disability Insurance Claims EIS Nov 2024
Income protection insurance claims make up the most claims, with over 60% of claims, by number of claims. These claims can be large if the illness or injury lasts for many years. However, with a number of Income Protection claims being paid for less than 1 year, the average claim size we have arranged amounts to about $100,000, which is lower than the average size of other claim types. Income Protection makes up about 25% of claims by value for the claims we have assisted.
Claims under Death cover, including for Terminal Illness, make up the largest average claims size for those we have assisted, being approximately over $1m on average. Whilst Death claims make up only 6% of our claims by number, they make up over 30% by value.
Trauma insurance (also known as critical illness insurance) make up over 20% of our claims by value, with the average claim size being just over $340,000.
An important type of claim, for small business owners, is for a product known as Business Expenses Disability Cover, that pays ongoing fixed business expenses in the event of an ongoing illness or injury. The average claims size for this cover is approximately $57,000.
This is general information and limited in its scope. If you are considering buying or replacing a Life Insurance policy then contact us to arrange a review for you. We can consider your individual circumstances, goals and needs and recommend a suitable insurer, product and structure to use. Experien work with several insurers and have extensive experience in helping to arrange claims.
At the time of writing, Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) Count Financial Limited ABN 19 001 974 625, AFSL 227232. See our website for our Financial Services Guide and latest AFSL arrangements. Always read the Product Disclosure Statement issued by an Insurer before considering insurance.
8th November 2024
