Why is insurance important?
Insurance is important to ensure future financial security for your family, in any situation.
It is important when considering insurance that you consider the full impact the event would have on your family, beyond the obvious financial difficulties you would face.
Most people have the “it won’t happen to me” attitude towards personal insurance. Keeping this in mind, you should consider the following:
- Currently, 1 in 16 Australians have a severe or profound core activity limitation
- Cardiovascular disease affects one in six Australians and prevents 1.4 million people from living a full life because of disability caused by the disease
- 50% of people who reach the age of 65 will suffer a trauma
- 1 in 3 men and 1 in 4 women will be diagnosed with cancer by the age of 75.
- 1 in 9 Australian women will suffer breast cancer
- 2 in 5 men and 1 in 4 women will suffer a trauma event between ages of 30 and 64.
- 200,000 children in Australia fall critically ill every year, with more than 66,000 1-14 year olds hospitalised annually.
- Currently, nearly 10% of Australian full time workers are unable to work due to chronic illness
- Close to 30 percent of individuals between the ages of 35 and 65 will find themselves unable to work for 90 days or longer due to a disability.
Source: Australian Bureau of Statistics, Australian Heart Foundation, Australian Institute of Health & Welfare, Australasian Association of Cancer Registries
The chance of a person making a claim on personal insurance between the ages of 20 to 55 years:
- Critical Illness - 1 in 3
- Income Protection - 1 in 4
- Life Cover - 1 in 10
- Total & Permanent Disablement - 1 in 20
Due to advances in medical research and the treatment of serious illnesses, survival rates have increased dramatically over recent years.
This highlights the importance of a complete personal insurance plan, incorporating life, total and permanent disability, trauma, and income protection insurance.