Top 10 Life Insurance Myths Exposed

Lifebroker, an insurance provider of income and life insurance has released rese
arch and findings into common misconceptions regarding life insurance among Aust
ralians.
Southbank, Victoria, December 20, 2010 -- Lifebroker, an Australian company spec
ializing in life and income protection insurance, have released collated data an
d commentary on common beliefs among Australians when reflecting on personal ris
k 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 u
nderinsured; 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 k
ey myths are addressed below, and can be asked of an insurer when reviewing a po
licy:
* The federal government will take care of my family
* The benefit period for income protection insurance is too short to be wort
hwhile
* 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 declined eve
rywhere
* Life insurance is a luxury I can’t afford
* I have life insurance through my superannuation, so I am already covered
* 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 cover
* 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 ty
pically are far from the truth.
AIA Australia’s Howard Williams stated:
“Certain rare conditions are uninsurable but insurers find unique and creative mea
ns to manage most risks. It also happens that should a person be uninsurable tod
ay, going forward their condition may improve and insurance terms may be obtaine
d.
At AIA, we try to find a way to pay claims as quickly and transparently as possi
ble. Between September 2009 & September 2010 we declined less than 2% of all cla
ims submitted.”
Lifebroker compares insurance with 13 different companies in categories such as
Income Protection, Life Insurance, Trauma and Disability, Mortgage Protection an
d more. Serving as an individual entity to review your current insurance policie
s or create the most applicable new cover to ensure that you are provided opport
une benefits when required.
Contact:
Chris Eade
Lifebroker
66-76 Moray Street
Southbank, Victoria 3006
1300 20 40 50
chris.eade@lifebroker.com.au
http://www.lifebroker.com.au