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Life insurance statistics - one company's claims experience for 2006
Aviva has recently released figures detailing its life insurance claims experience for 2006. Most Life insurance policies pay a pre-agreed benefit if you die or are declared terminally ill.
During 2006
Aviva
repaid out over $15 million in life insurance benefits to Australians and/or their estates, with their single largest payout nearing $1.18 million. While the youngest claimant was just 35 years of age, most claims were made by the 80-89 years age group. This age group represented 27% of claimants and was closely followed by the 50-59 age group representing 24% of claims, and the 70-79 age group at 20%. It’s interesting to see, similar to Avivia’s trauma insurance claims experience in 2006, the pre-retirement 50-59 age group representing such a large proportion of claimants.
Also representing a large proportion of life insurance claimants were the males of Australian society, at 64%. This is a similar gender perspective to Aviva’s trauma claims experience (at 70% male) and could be due to the probability that more men than women have life insurance cover, especially in the more mature age groups.
Regardless of gender perspective, cancer was the leading cause of death for both men and women, being responsible for 31% of all 2006 life insurance claims. However, the combination of Ischemic Heart Disease, Cardiac Failure, Myocardial Infarction, Cardiac Arrest and Cardiomyopathy were responsible for 25%. This group was followed by Pneumonia at 8%.
Aviva also looks at how long its policy holders have been insured when they make their claims. Its interesting to see that nearly 68% of their life insurance claimants had been with Aviva for between 10 and 19 years. This group is nearly five times larger than the 14% who had held their life insurance with Aviva for 20-39 years, and more than 10 times larger than the 5% who had held their policies for less than five years, or the 6% who had held theirs for more than 40 years.
It can be hard to contemplate one’s own mortality, but what these figures really prove is that you are never too young or too old to consider taking out life insurance protection.
May 2007 Disclaimer
The information provided
is general in nature and does not take into account
your particular insurance needs, financial situation
or investment objectives. We recommend that you speak to
an xlife risk advisor before you make any decision regarding life insurance. |
