So what's the chance of you needing to make an insurance claim?
Here's what you need to know.
1 in 3 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 claim for a Total and Permanent Disablement
Now you know how close those numbers, maybe it's time to take a second look at your personal insurance cover for you, your family and your business.
The simple difference between personal insurance and general insurance
Personal insurance is insurance to protect 'people'.
- This would include life insurance, Medical Crisis or Trauma Insurance, Income Protection, Total and Permanent Disability (TPD) and even Business Fixed Expenses cover (because it's to protect a person - you the business owner.
- Personal insurance is usually applied for once and guaranteed to renew every year without any need to apply regardless of any changes in your health or occupation.
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. Make sure you prioritise the people in your life and business more than the 'stuff'.