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  • Writer's pictureCOMPASS

It will never happen to me

Please take a moment to consider your family’s financial security and ponder the following, before switching off completely because of pre-conceived ideas about insurance.

Below is a snapshot of AMP claims paid during 2017 and they are only one of the Insurers we deal with. It’s all too easy to gloss over large figures these days as they are everywhere, it seems we don’t talk in millions anymore, it’s billions & trillions when it comes to things like national debt and it appears that unfortunately it is the same with insurance payments.

I say unfortunately because the magnitude of the insurance payments reflects the seriousness of the “life events” occurring to everyday Australians, that’s you and me. While these insurance payouts don’t prevent the event from happening, they can prevent the associated financial damage that would otherwise happen from a claimable event, such as not being able to work.

As you can see from the snapshot, AMP paid out around $3m every day in claims in 2017. Yep, that is $3m every day!

Interestingly for both men and women a little over one third of these claims are made up of Musculoskeletal & Mental Health claims. In addition, only a small portion of claims are due to accidents (10% for men and less for women), so gents unfortunately it just goes to show that we aren’t bullet proof!

If you’re still reading then give yourself a pat on the back, as that shows you care about your family and take their financial wellbeing seriously. Of course we all hope it never happens to us, but as you can see, from one company alone, nearly 1,000 claims were made per month. That’s an average of 225 claims per week!

One last point, while we always think it happens to “older” people (and that tends to be anyone who is older than ourselves), the stats show that nearly forty percent of claims were for people under the age of 50, and given I’m now 50, that’s young in anyone’s eyes.

Do you have the peace of mind knowing your family is financially protected? I do.


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