The average claims size paid by life insurers differs by the type of product or cover. Specifically, there is a difference in the average claims size for claims paid for Trauma Insurance compared to Death claims and also compared to Total And Permanent Disability Claims.
The average size also differs by how the insured purchased their cover. For example, did they use an insurance adviser or did they get default cover automatically via their superannuation fund ? Generally, claims size are higher when an insurance adviser is used.
Specifically when an insurance adviser is used, the average claims size based on recent data shows the following :
• Death claims : $465k
• Total And Permanent Disability (TPD) claims : $661k
• Trauma (Critical Illness) insurance claims : $247k
• And for Income Protection (IP or DII) Insurance the average claims size is a monthly payment of about $7,500.
This data is sourced from APRA, a regulator of life insurance companies, and is for the year ending 31 Dec 2022 and was released in April 2023.
This is general information. Contact us if you want personal advice based on your own needs, goals and circumstances.
This is general information. Always read the Product Disclosure Statement issued by an insurer before considering buying insurance. Life insurance and Financial Advice services are provided by Experien Insurance Services Pty Ltd (EIS) ABN 99 128 678 937 and Experien Financial Services Pty Ltd (EFS) ABN 32 631 346 757. EIS and EFS are a Corporate Authorised Representative (No. 320626 and No. 1274354) of Affinia Financial Advisers Limited ABN 13 085 335 397 AFSL No. 237857. See our website for our Financial Services Guide.
