28/09/2018
There is and always has been a lot of talk around whether insurance companies pay out on claims!! Well we are here to tell you that if you have full disclosure at time of application, you will be paid! The following is what one of the larger insurance companies in Australia paid out on in 2014 alone.
This particular company paid out over $860 million in claims – or $3.4 million every working day. So I think that’s a reasonable sample to look at. These claims we’re broken down by:
Death $419,427,057
Total and Permanent Disablement (TPD) $218,214,987
Crisis Recovery $34,825,041
Income Protection (IP) $188,514,465
Other (including CCI & Whole of Life) $792,943
Total $861,774,492