Life Industry Pays Over $4.4 Billion in Claims in 2012

Posted by Damien Jones on 28 February 2013

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The Risk Store recently released its 2012 industry statistics for retail life insurance claims announcing that the retail Life Insurance industry paid out over $4.4 billion in claims in 2012, an increase of approximately 10% on the previous year.  This amount was paid from a total of over 70,000 claims.  These figures do not take into account additional amounts paid out from superannuation funds which would make the total amount paid out to Australians, much higher. 

None of the recipients ever expected to claim on their insurance however if those claimants did not get advice to protect family lifestyles and assets (and business) from the devastating effects of death, injuries or illness, where would $4.4 billion dollars have come from? 

AFRM Advice - "Protecting Your Tomorrow Today"

AFRM provide advice with the mindset that every client is going on claim.  We don't get to choose who goes through life without personal tragedy.  This means that we undertake an in-depth analysis of financial risks and select comprehensive funding solutions, that maximise the chance of claim and provide the financial structuring necessary for every client, in case of death, injury or illness.  By having this "claims" mindset for every client it ensures that when the unexpected happens, they have the right Risk Management Plan in place to deliver the financial outcomes required for their personal situation.

AFRM Claims Surpass $45M

AFRM have recently surpassed $45M in claims paid to clients and are currently managing over 60 claims at present.  AFRM have 20 years of experience in managing claims and providing expert advice to clients when they really need it most.  We drive a quick and efficient process and act in our client's best interest to ensure all client entitlements are paid.

It Pays To Have Insurance

These statistics highlight that insurance does pay and furthermore, it pays to have the right Risk Management Plan in place so that when you have to call on your insurance, it delivers the right financial outcome for you and your family.

Statistics sourced from The Risk Store at