Top 10 Life Insurance Myths Exposed
Lifebroker, an insurance provider of income and life insurance has
released research and findings into common misconceptions regarding life
insurance among Australians.
Southbank, Victoria, December 20, 2010 -- Lifebroker, an Australian
company specializing in life and income protection insurance, have
released collated data and commentary on common beliefs among Australians
when reflecting on personal risk insurance. An independent leader in the
insurance industry, Lifebroker earlier this year commissioned a study of
Australians over the age of 25 years.
Key statistics of the February 2010 report found that Australians were in
fact underinsured; identifying that 86% of respondents have cover for
their cars, 80% for their homes, with only 25% having life insurance.
Collating the February 2010 research report with AIA’s insurers’ claims,
Lifebroker has now exposed 10 common myths amongst respondents and
Australians alike. The key myths are addressed below, and can be asked of
an insurer when reviewing a policy:
* The federal government will take care of my family
* The benefit period for income protection insurance is too short to
* Insurance companies will look for a way to deny a claim
* We don’t both need life insurance
* If one insurance company declines an application, you will be
* Life insurance is a luxury I can’t afford
* I have life insurance through my superannuation, so I am already
* Everyone who applies for life insurance must have a medical exam
* My work covers me with group insurance so I don’t need any extra
* Personal risk insurance is not a necessity
While each individual circumstance is unique to age, occupation, level of
cover and other defining factors of an insurers policy, these common
misconceptions typically are far from the truth.
AIA Australia’s Howard Williams stated:
“Certain rare conditions are uninsurable but insurers find unique and
creative means to manage most risks. It also happens that should a person
be uninsurable today, going forward their condition may improve and
insurance terms may be obtained.
At AIA, we try to find a way to pay claims as quickly and transparently
as possible. Between September 2009 & September 2010 we declined less
than 2% of all claims submitted.”
Lifebroker compares insurance with 13 different companies in categories
such as Income Protection, Life Insurance, Trauma and Disability,
Mortgage Protection and more. Serving as an individual entity to review
your current insurance policies or create the most applicable new cover
to ensure that you are provided opportune benefits when required.
66-76 Moray Street
Southbank, Victoria 3006
1300 20 40 50