gambler peaking at the card they were dealt

We all have to learn how to prioritise big decisions

There are some statistics in life that you simply need to know so you can make better choices.

Most people wouldn't dream of traveling overseas without Travel Insurance to protect their luggage and their health. Nobody wants to be stranded overseas with no luggage or worse, in a foreign hospital hoping the local doctors have the right skills, medication and sanitation standards that's not going to put you at greater risk.

So what's the chance of you needing to make an insurance claim?
Here's what you need to know.

  • 1 in 3 chance of needing to claim because of a medical Critical Illness
  • 1 in 4 chance of needing to claim on your Income Protection
  • 1 in 10 chance of needing to claim on your Life Insurance before expected
  • 1 in 20 chance of needing to claim for a Total and Permanent Disablement

Now you know how close those numbers are, maybe it's time to take a second look at your personal insurance cover for you, your family and your business.

The Numbers of Life | The Statistical Risks of Life we all face


Crisis and Trauma insurance Crisis & Trauma
We all have a 1 in 3 chance of suffering a critical medical trauma or significant illness during our working life.

Income Protection insurance Income Protection
We all have a 1 in 4 chance of being sick or injured and unable to work for at least 3 months during our working life.

Life and Terminal Illness insurance Life & Terminal Illness
We all have a 1 in 10 chance of unexpectedly passing away during our working life.

Total and Permanent Disability insurance Total & Permanent Disability (TPD)
We all have a 1 in 20 chance of being disabled long term with a total and permanent disability.

Source: Life Underwriting Guidelines

The simple difference between personal insurance and general insurance

Personal insurance is insurance to protect 'people'.

General insurance is insurance to protect things. General insurance usually needs to be renewed and reapplied for.

  • This would include car insurance, home insurance and similar policies for 'things'
  • General insurance usually needs to be renewed and reapplied for every year so if there had been a change in your claims history, your financial position, driving record or many even your health, there is usually no guarantee this insurance will be available to you the following year.

The big 4 numbers represent the statistical reality for all Australians.

Chances of you needing to claim on your life insurances policy

Make sure you prioritise the people in your life and business more than the 'stuff'.


author pic drew browneDrew Browne is a specialty Financial Risk Advisor working with Small Business Owners & their Families, Dual Income Professional Couples, and diverse families. He's an award-winning writer, speaker, financial adviser and business strategy mentor. His business Sapience Financial Group is committed to using business solutions for good in the community. In 2015 he was certified as a B Corp., and in 2017 was recognised in the inaugural Australian National Businesses of Tomorrow Awards. Today he advises Small Business Owners and their families, on how to protect themselves, from their businesses.  He writes for successful Small Business Owners and Industry publications. You can read his Modern Small Business Leadership Blog here. You can connect with him on LinkedIn Any information provided is general advice only and we have not considered your personal circumstances. Before making any decision on the basis of this advice you should consider if the advice is appropriate for you based on your particular circumstance.

Get Prepared for Life

Protect your Family (& the Small Business that supports you) from the statical realities of Life, Love and Business we all face.

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