1. 16% of Life Insurance claims are paid out early for Terminal Illness.
Some may be unaware that your life insurance can be paid out before the policy holder's death in the event that they are diagnosed with terminal illness. This happens in 16% of life insurance claims and can assist the family in making important financial decisions and quickly ease the monetary burden during this difficult time.
2. Life Cover Claim Reasons:
26% Heart Related (Cardiac Arrest, heart disease etc)
2% Self Inflicted
15% Unknown Causes
3. 50% of Trauma/Critical Illness Claims are due to Cancer
Heart related illness in this category accounts for 16% of claims, whilst Angioplasties and Strokes account for 5% each. Trauma cover is a separate form of cover which pays out a sum assured upon your diagnosis with a critical condition.
4. Muscular and Limb Injuries account for 47% of Income Protection Claims from one leading insurer.
5. The average age where Income Protection policies are cancelled is 46.
An extremely unfortunate fact, in light of the fact that...
6. The average age that Income Protection policies are claimed on is 47.
As we get older, we get more susceptible to injury and illness. Think carefully before making any big decisions about your insurance because being left without an income and a family depending on you can be a crippling financial burden.
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