FSC reveals life insurance data – Financial Standard

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FSC reveals life insurance data – Financial Standard

Cancer is still the biggest killer of both men and women, while women are more likely to claim income protection for mental health reasons, according to the Financial Services Council.

The FSC said it is using Life Insurance Awareness week as an opportunity to release data which reveals some of the biological differences between men and women.

KPMG provided the analysis of the 2019 data on the causes of life insurance claims for Australians of working age.

FSC senior policy manager for life insurance Nick Kirwan said: “New claims statistics tell us a lot about the differences between men and women and across all three product lines the messages are clear.”

The data revealed the top cause of death claims for both men and women is cancer, however for men it accounts for 39% of all death claims and for women it accounts for a huge 61%.

The FSC said 29% of all claims are breast cancer, followed by colon cancer (15%) and lung cancer (14%).

The second most common cause of death for men is accidents, accounting for 20%, whereas for women it’s the third most common cause at 7% of female deaths.

For total permanent disability (TPD) claims, mental health disorders top the list for both men and women at 24% and 27% respectively.

Similarly, accidents came second for men at 17%, but for women accidents were placed at fifth place with 11%.

The FSC said income protection claims reveals further granularity about the differences between men and women.

The top cause for both is accidents, but men have relatively many more accidents than women at 38% versus 28%.  

It also tells a different story for mental health, which comes in second for women at 22%, whereas for men it’s less than half that proportion at only 10%.

“This data confirms that for working age Australians, cancer is by far the biggest killer and it’s even more deadly for women than for men. We see that men have significantly more accidents than women, and women more mental health claims,” Kirwan said.

“During this life insurance awareness week we encourage all Australians to check what life insurance cover they have – be aware of what you have and what you’re paying for. Give your superannuation trustee or life insurance company a call today so you and your family are secure no matter what happens.”

Source: Google

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