If you think insurance is only for older people then this blog is for you.
Claims profiles* Under 40's With youth on your side there may be less need to claim but having insurance while your health is good means that the cover is more affordable and inclusive. If you wait and become unwell you may not be able to get insurance or the cover may be restricted and/or more expensive. Its best to get cover when you are young and healthy. Sadly this age group is more likely than other age groups to claim on their Life insurance policy because of an accident. Income protection is important as you take on more responsibilities and cancer is the main reason under 40's will need to claim on their Trauma and Life insurance policies. Health insurance provides essential support, as it does for all age groups. Typical Life insurance claims for under 40's: accidents, cancer, cardiovascular, neurological, respiratory, suicide. 40 - 49 year olds Life might begin at 40 but claims also rise dramatically. The 40-49 age group receive significant financial support through income protection insurance. With increased responsibility for your family and larger debts, having income protection cover continue when you are unable to work as a result of an illness or injury is invaluable. There is also an increase in Trauma and Life insurance claims with cancer being the main cause. Health insurance should remain an essential part of your insurance protection. Typical Income Protection claims for the 40-49 age group: cancer, cardiovascular, mental health, musculoskeletal, neurological. 50-59 year olds With age comes wisdom but unfortunately that isn't all that it brings. The chance of serious illness increases significantly. Trauma insurance and Income Protection insurance adds tremendous value to you in this age group. Health insurance continues to remain essential. Typical Trauma claims in the 50-59 age group: cancer, cardiovascular, neurological are the top 3. 60-69 year olds There is still a lot of living to do. And, if you are in a blended family, insurance may be important for longer. As you get older health issues are more common. In this age group, you may have less call for income protection. Life and Health insurance are the most important policies for this age group. Typical Life insurance claims in the 60-69 age group: organ failure, respiratory, suicide, cancer, cardiovascular. 70 and over Your insurance needs change as you get older. Most people are retired so there is little need for Income Protection and Trauma insurance. However, Health insurance and Life insurance remains important and still provide valuable support. Typical Health insurance claims for the over 70's: cancer, cardiovascular, digestive, genito-urinary, musculoskeletal, sense organ. Other important considerations Please ensure that you have an up to date Will in place. This will help protect your family and your estate. It will provide for the distribution of your assets according to your wishes. Having a professionally drafted Will explains who will carry out your instructions; who will be assigned as a guardian to your children; and gifts you wish to give to specific people. If you don’t have a Will in place then this process may need to be handled by the Court and this may cause significant financial costs and undue stress on your family. You should also ensure that you and your family have up to date Enduring Powers of Attorney (EPA) in place (for both Property and Personal Care & Welfare). EPA’s enable you to assign someone that you trust to communicate for you when you are unable to do so. This is essential to help ensure continued control of your affairs during a time of incapacity. This person can also claim on your insurance policies on your behalf if need be. I recommend you seek the advice of a solicitor or Trust Company for these needs. I can also refer you. Cocksy's Story On 6 February 2019, John 'Cocksy' Cocks passed away following a three year battle with terminal cancer. Before he died, he wanted to share his story of how life insurance helped him to make the most of the time he had left. This is Cocksy's Story.
*Sovereign claims statistics FY2017.