$2.3 Billion paid out in Life Insurance Cliams last year

/, Insurers, Life Insurance, Total and permanant disabilty, Trauma Insurance/$2.3 Billion paid out in Life Insurance Cliams last year

Life insurance industry group Investment and Financial Services Association (IFSA), in a recently surveyed their members (covering 90% of Australian life insurers) showed that $2.3 Billion dollars was paid out in 35,000 term and life insurance claims, the figures show that more than 13,000 families received an average $91,000 payout on the death of a partner, usually the primary earner.

Average payouts on total and permanant disabilty insurance were $71,000 and trauma insurance $155,000.

Of the claims 70% relate to men, while it appears that women are less likely to have life insurance.

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