Life insurance industry group Investment and Financial Services Association (IFSA), in a recently surveyed their members (covering 90% of Australian life insurers) showed that $2.3 Billion dollars was paid out in 35,000 term and life insurance claims, the figures show that more than 13,000 families received an average $91,000 payout on the death of a partner, usually the primary earner.
Average payouts on total and permanant disabilty insurance were $71,000 and trauma insurance $155,000.
Of the claims 70% relate to men, while it appears that women are less likely to have life insurance.
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