Statistics Prove Why Life Insurance is so Important
[social_share]The number of unforeseen emergencies and tragedies that can befall the average person at any time is staggering. Illness, disease, injury and even death can crop up in a moment’s notice and may affect the life of both the individual as well as their loved ones forever. If the person undergoing such a plight is insured, then their family may take a measure of comfort in knowing that they have some security should they ever need to take advantage of it.
But what if the malady has befallen a member of the insured person’s family? Most consumers tend to think of life insurance as something that is only needed for the primary income-earner in a given household. Furthermore, they believe that their death is the only event that is covered under a life insurance policy. While it may be true that the breadwinner’s income constitutes the largest financial contribution within a family and should definitely be accounted for in a life insurance policy, it is also true that the other members of the household can benefit from the insured individual’s policy.
Situations where life insurance may prove beneficial
Death is, as previously stated, the number one concern of most people who seek out a life insurance plan. They want their loved ones to be taken care of financially in the event of their death and arrange a death benefit accordingly. Likewise, the homemaker’s contributions to the household also carries a monetary value which may be covered with a life insurance policy should they pass away.
Life insurance can also come into play, however, if the insured individual is injured and cannot maintain a regular work schedule, resulting in a reduced or lost income. But this coverage may also apply if another family member is injured and must be taken care of. Certain life insurance clauses may also be needed when a child is born or when the insured must care for an elderly parent or family member. All in all, life insurance holds many more practical uses than simply providing a death benefit to surviving family members.
Statistics confirm the importance of life insurance
Too many people fall into the trap of believing that life’s unfortunate surprises will never happen to them. It is easy to understand why when someone has been otherwise healthy their entire life or has gone most of it without knowing a lot of people who were felled by tragedy or disease. Recent statistics, however, prove that millions of Australians have been impacted by circumstances which could be aided by a good life insurance policy. The following list outlines a few such situations.
- Prior to age 75, cancer has been reported in 1 in 3 men and 1 in 4 women.
- On average, one Australian dies from cardiovascular disease every 10 minutes, totalling over 50,000 people a year.
- Males over the age of 40 currently hold a 50% chance of having coronary heart disease.
- Serious illness or injury will strike 1 in 3 Australian males over the age of 30.
- Motor vehicle deaths claimed the lives of over 1,500 people in Australia in 2004.
- Injury is the primary cause of death for Australians under the age of 45.
- Prostate cancer will afflict almost 1 out of every 10 men in their lifetime. Approximately 10,000 Australian men suffer from prostate cancer annually while 2,500 die from it.
