TAL (formerly Tower Life) have recently released their 2011 claim statistics. During 2011, TAL reached inforce premiums of $1.3 billion and 2.5 million customers, making them the largest non-bank insurer. This size reflects in their claim statistics where over $2 million is paid every working day across their policies! TAL have released the following claim statistics of total claims paid 2011;
Of the lump sum policies (Life Insurance, TPD Insurance and Trauma Insurance), insurance claims relating to Cancer make up the vast majority, with 32% for Life Insurance, 36% for TPD Insurance and 63% for Trauma Insurance. These high rates of insurance claims related to cancer are becoming more common industry wide highlighting the need to ensure that policies are comprehensive in covering these events, especially for Trauma Insurance.
TAL’s Income Protection claims are predominately comprised of Musculoskeletal Diseases, Mental Health, Cancers and Heart Disease. 41% of all TAL’s Income Protection claims were for Musculoskeletal Diseases which comprise of Back and Joint injuries.
More claims payments are paid every day as more Australian’s protect their wealth with Life Insurance. Policies and definitions do vary, so as more people take out insurance it is become more important to seek advice to ensure that you are covered for the major events that cause claims and insured in a manner that allows you to be paid your claims quickly and easily.