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Medical Practitioner Claims 2008-2010

Over the years 2008-2010, TAL (Formerly TOWER Australia) received over 260 claims from Medical Practitioners. The claim conditions range from cancer and depression to knee and hip injuries. Of all claims received, 84% were Income Protection claims, 7% were Life Insurance Claims, 8% were Trauma and there was one Terminal Illness claim.

The table below indicates that the top four claimed conditions.

Medical Practitioners TOWER Claims

Claim Condition Percentage of Claims Average Age Male Percentage Female Percentage
Cancer – All types 15% 53 97% 3%
Depression and Anxiety 12% 53 71% 29%
Heart Condition 7% 54 89% 11%
Fractures 6% 51 94% 6%

The diagram identifies a variety of conditions claimed by Medical Practitioners.

TOWER Medical Practitioners Claim Conditions 2008- 2010

Click image for larger view

The “other” in the diagram is a list of illnesses including the following conditions:

  • Acute respiratory infections
  • Cardiac arrest
  • Chronic fatigue syndrome
  • Chronic pain syndrome
  • Complication of pregnancy
  • Diabetes
  • Hepatitis
  • Infections
  • Multiple sclerosis
  • Psychological disorders
  • Blindness
  • Coronary artery disease
  • Musculoskeletal conditions
  • Tendon laceration
  • Irritable Bowel Syndrome
  • Liver disease

The average lump sum payment was $404,192.28 and the largest payment made was $2,000,000. The average monthly Income Protection benefit amount was $10, 075.52 with the largest monthly benefit amount was $66,755.

Case Study

Dr Stevens* was a 64 year old successful Doctor (General Practitioner) and a father of three who has always been busy and had an active lifestyle. Just after his 64th birthday he noticed a sudden change with his urination. Understanding his symptoms, which seemingly got worse with time he was concerned, as his father was diagnosed at 70 with prostate cancer and passed away not long after.

Dr Stevens* eventually underwent tests and his greatest fears were confirmed as results came back positive to prostate cancer. It was unfortunately in its late stages and he was shocked. His wife who did not work and his 3 children would be left in financial distress if he were to pass away. He made a call to his advisor to discuss a claim on his TOWER terminal Illness policy.

TOWER assessed his claim and a payment of $2,000,000 was made 48 hours after. Dr Stevens* was able to pay off the rest of the family’s debt and they went on a holiday to spend quality time together.

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After having had my income protection, with a company based abroad, for the last 15yrs I recently decided to sort it here in Australia.(Now based here so it makes sense.)
Needless to say the thought of trying to get a similar product for a good price was a concern....

Dr S.T (BDSc)
Newman, WA.

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