What are the odds of you needing to claim on your personal insurance?

In the perfect world, everyone will have enough money to be free to purchase the right amount of personal insurance they need to make sure every part of their life is protected from the statistical realities we call The Numbers of Life.

  • By we don't live in the perfect world so most of us have to carefully choose where our greatest risks are and to use a strategy to cover what's most important to us and what's our greatest risk.

How much is life insurance is really enough is a question that's answered differently for each individual and their family? You can watch our explainer video case study here. This is why you'd use the expertise of a Financial Adviser like Sapience to help you learn more about your options and what strategy might work best for you.

So what are the odds of you needing to claim on your personal insurance?

  • 1 in 3 chance of needing to claim on your Critical Illness insurance
  • 1 in 4 chance of needing to claim on your Income Protection insurance
  • 1 in 10 chance of needing to claim on your Life insurance
  • 1 in 20 chance of needing to claim on your Total and Permanent Disability insurance (TPD)

Pro Tip

  • If you have a family history of prostate cancer in your line, it makes sense to have high-quality medical crisis insurance in place that specifically provides a level of protection for that issue.
  • If you have a family history of breast cancer it makes sense to have high-quality medical crisis insurance in place that specifically provides a level of protection for that issue.
Source

Trauma Calculations based upon Cologne Re Trauma Table 1998
Life Calculations based upon Australian Life Tables 2004-2006, Australian Bureau Statistics
Income Calculations based upon Institute of Actuaries of Australian Industry Disability Tables IAD89-93, Occ Class B