As advisers, part of our job is to understand your insurance needs. We do this as part of a much broader conversation about what is important about money, to you; where you are now, and what you want for your future. Wealth protection is something that can be critically important, depending on your stage of life, your debts and whether you have dependents. The amount of cover you may need depends on your personal risk and your personal values.
When you work with us, it is likely we will assess your needs and make recommendations. But that is really only the beginning of what we do to help our clients and families with wealth protection. We are also here should you be unlucky enough to need to use the insurance policy. This is called a “claimable event”. And it can be surprising to hear that we have met a number of people over the years who had experienced a claimable event, but not used their policy to receive the payments they were owed. Read about one of those examples in our story about Paul, who is finally happy for the new day ahead.
What determines a claimable event can be difficult to understand, which is why we are here. We have helped numerous clients.
In the 2018 Insurance Barometer Study by Life Happens and LIMRA, it was found that 1 in 3 families admit that a financial disaster would be more than likely, if not absolutely, within a single month should the household’s breadwinner suddenly pass.
Research conducted by Zurich identified some odds of needing insurance:
Research from 2012 reports that an average of $15.9 million was paid in claims every day to 171 Australians and their families. In 2017, AMP paid 11,705 people $1.112 billion dollars in insurance claims. That’s $3million every day. The average age of the claimant was 52 years, and 24.7% of the claims were for those aged 40-49.
Should you experience one of those things that we hope never happens, here are some tips to navigating what comes next:
If you think may have experienced a claimable event or are unsure of the insurance cover you have and want help understanding that, get in touch. We are here to help you make sense of it all and ensure you have the right policies in place for your situation.
What you need to know
This information is provided by Invest Blue Limited (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.
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