Select Advice Pays out 5.4 million in customer insurance claims
Written and accurate as at: Mar 07, 2018 Current Stats & Facts
SELECT ADVICE PAYS OUT 5.4 MILLION IN CUSTOMER INSURANCE CLAIMS
Over the past 3 years, Select Advice Financial Planning has successfully lodged and processed 26 personal insurance claims on behalf of our clients totalling 5.436 million in payments.
These successful claims not only highlight that unfortunately illnesses, disease, accidents and sadly death do happen but also the importance of having and keeping personal insurance policies in place as a safety net for the financial welfare of individuals, families and loved ones.
OUR INSURANCE CLAIMS SERVICE - WE ARE HERE TO HELP YOU
Peace of mind is very important for our clients and it is important to know that we are here to help when you and your family need it most. In the event of a personal insurance claim Select Advice Financial Planning will assist you via our insurance claims service. With a simple phone call to our office, we will arrange the claims documents to be sent and assist with the lodging and processing of your claim. We have significant experience in dealing with claims departments of insurance companies and have successfully negotiated positive payment outcomes for our clients.
THE CLAIMS STATS*
Of the claims Select Advice Financial Planning has lodged in the past 3 years, the policy type break up is as follows;
Income Protection Insurance – 68% of claims**
Trauma Insurance – 16% of claims
Total & Permanent Disability Insurance – 12% of claims
Life Insurance – 8% of claims
Terminal Illness Insurance – 4% of claims
*the above statistics are based on claims processed by Select Advice Financial Planning **we are currently paying out $47,364 in monthly ‘income protection’ payments to clients still unable to return to work
WHY ARE THERE MORE CLAIMS FOR INCOME PROTECTION INSURANCES?
There are many contributing factors for this including that Income Protection insurance covers people if they are unable to work due to illness, disease and accidents. There are also numerous reports provided by government authorities and health organisations pointing to the fact that modern lifestyle and eating habits are contributing to significant increases in cases of mental illness, diabetes, heart disease and cancer.
IS IT WORTH PAYING PREMIUMS TO HAVE PERSONAL INSURANCE IN PLACE?
As a firm with significant experience in Financial Advice dating back to 1990, our professional opinion has always been that every working person should have a ‘safety net’ in place to protect their income, family, lifestyle, assets and retirement planning. We know and understand that sometimes there is a ‘trade off’ between premiums and the types and level of cover that clients can afford, so we work with each client to tailor a personal insurance package that best suit individual situations.
SHOULD I REVIEW MY PERSONAL INSURANCES?
The simple answer is yes. We strongly recommend that all clients review their personal insurance policies annually to ensure that they continue to meet and reflect their current needs and circumstances. It is also important to review policies and alter them if financial circumstances change or affordability becomes an issue.
ARRANGING AN APPOINTMENT TO REVIEW MY PERSONAL INSURANCE POLICIES
To arrange a meeting to review your personal insurance policies or to discuss any aspect of those policies, please contact Sasha Bowden at our office on 9078 6577. For your convenience we can arrange either a meeting at our office, a virtual meeting via our computer technology (Select Virtual) or a telephone conference.
Tony M Pati
Managing Director
Select Advice Group