A word from Adam Crabbe – WP Risk Specialist
I thought you’d be interest to know that AMP have released their latest insurance claims figures for 2011, up 11% on the previous year to $335 million dollars.
Cancer is still atop AMP’s list for the single most claims for death (30%), trauma (74%) and terminal illness (92%).
The following were the trends for 2011:
- 30% increase in death claim payments (includes 2% increase in terminal illness payments)
- 21% increase in trauma insurance payments
- 6% increase in income protection payments
- 8% decrease in TPD claim payments
Interestingly, 71% of death claims were male.
This information is not designed to frighten you, but to demonstrate how important insurance is to protect yourself and your family. It is also extremely important to understand exactly what is being offered by different funds with regards to their coverage and benefits. Unfortunately, we have witnessed the effects when clients downgrade or change their insurance/superannuation without properly understanding the inclusions and implications. For greater detail on the above information which has been provided by AMP based on their 2011 Insurance claims – please CLICK HERE.
If you would like to discuss your personal situation or insurance needs, please contact the office to arrange an appointment with me.