Do life insurance companies pay claims?

According to data from The Risk Store, the collective claim statistics from 11 life insurers in the Australian market showed these companies paid out an average of $76.44 million in claims per week during the 2011 calendar year:

  • Term life: 18,197 claims were received with a total of $1,806.7 million in policy benefits paid.
  • Total and permanent disability (TPD): 6,930 claims were received with a total of $629 million in policy benefits paid.
  • Trauma: 3,169 claims were received with a total of $538.7 million in policy benefits paid.
  • Income protection: 34,056 claims were received with a total of $1,000.5 million in policy benefits paid.

 

Joel Xuereb