Life insurance is the pool of many, supporting the unlucky, for the benefit of the community and the economy.
The life insurance industry does an awesome job at providing $12,000,000,000+ worth of claims payments to over 100,000 families and businesses each year*, with the remaining premiums that aren’t paid out in claims, going towards jobs, small business, community initiatives, health initiatives, charity, paying income taxes, stamp duties and keeping the vital life risk pool healthy. * based on the FSC’s 2019 claims statistics.
Advisers generate approximately 70% of new life insurance cover in Australia and look after just under 50% of existing cover.