INSURANCE MYTHS
There's a few misconceptions about life insurance - like 'insurers don't pay claims', or 'insurance is too
expensive'. Some people even think 'insurance isn't for me - I don't need it!'
In fact, the opposite to each of these statements is true!

insurers do pay claims

insurance is more affordable than you think

yes, insurance is for everyone - not just people who have kids and a mortgage!
Let's debunk those myths and get the facts. If you're making decisions about protecting your family, you'll want to
base your future on fact - not fiction.
Myth 1 - Life insurance companies don't pay claims!
Myth 2 - Life insurance is too expensive
Myth 3 - I'm young and healthy - so insurance isn't for me
Myth 4 - Thanks, but I've got enough life insurance cover in my super fund
Myth 5 - I'm covered by my private health insurance
Myth 1 - Life insurance companies don't pay claims!
The whole life insurance industry pays out almost $10 million every working day in claims to customers.
This figure would be even higher if the Australians had adequate levels of cover.
Source: www.lifewise.org.au
Myth 2 - Life insurance is too expensive
For most Australians insurance is very affordable! For less than the price of a cup of coffee a day, you can get a
substantial amount of cover to protect your family's lifestyle. And, of course, the benefits of having life insurance
can far outweigh the costs!
Age
Amount of cover for
men
Amount of cover for
women
30
$415,145
$774,750
40
$379,269
$588,820
Assumptions: non smoker, stepped premium, paid annually.
AD Wealth Partners Pty Ltd
ABN
43 169 778 054
AFS Licence No. 426722*
*AD Wealth is an authorised representative
of Principal Partners (Vic) Pty Ltd
Head Office
Level 7, 500 Collins Street,
Melbourne, Victoria 3000
PO Box 16180
Collins Street West, Vic 8007
AD Wealth Partners
538 Swanston Street,
Melbourne VIC 3053
www.adpartners.com.au
Office
+61 3 8320 4646
Fax
+61 3 8320 4600
[email protected]
Myth 3 - I'm young and healthy - so insurance isn't for me
Life insurance can help people of all ages, and from all walks of life - it's not just for parents with kids and a
mortgage.
Even if you're young, single and healthy today, insurance is important to help you protect your lifestyle, your
independence and cover your debts - in the event that you need to.
Insurance policies like Income Protection or Trauma can help you cover the bills, pay your rent or mortgage,
cover medical expenses and continue to fund your lifestyle if you can't work because you get sick or injured.
Myth 4 - Thanks, but I've got enough life insurance cover in my super fund
You probably don't have enough cover in your super fund. You may have some life insurance (death cover)
through your super policy, but on average people with cover through super have less than half the level of cover
they need.1
Insurance through super also usually doesn't give you access to all insurance types - like Income Protection or
Trauma cover.
You should contact your super fund, or check your annual statement, to see what level - and types - of cover you
already have. Then speak to a financial adviser about whether this is right for your needs.
1www.lifewise.org.au
Myth 5 - I'm covered by my private health insurance
Private health insurance provides valuable protection against the medical expenses associated with sickness and
injury. But this is where it starts and stops: it's for medical expenses only. It won't cover your bills, debts or
replace your lost income if you have to take an extended period off work due to illness or injury.
Private health insurance also may not cover the total cost of your treatment, or rehabilitation - potentially leaving
you with a 'gap' that needs to be paid out of your own pocket.
To ensure you have no insurance gaps, a complete protection plan should encompass both private health
insurance and life insurance.
Don’t delay; give you and your family the peace of mind you deserve.
To learn more, please feel free to speak to your accountant on 9349 3499.
AD Wealth Partners Pty Ltd
ABN
43 169 778 054
AFS Licence No. 426722*
*AD Wealth is an authorised representative
of Principal Partners (Vic) Pty Ltd
Head Office
Level 7, 500 Collins Street,
Melbourne, Victoria 3000
PO Box 16180
Collins Street West, Vic 8007
AD Wealth Partners
538 Swanston Street,
Melbourne VIC 3053
www.adpartners.com.au
Office
+61 3 8320 4646
Fax
+61 3 8320 4600
[email protected]