One in six men and one in four women will suffer a disability between the ages of 35 and 65 that will cause them to miss work for six months or more1.
One in six men and one in four women will suffer a disability between the ages of 35 and 65 that will cause them to miss work for six months or more1.
In the year 2000 alone, more than half a million people were injured at work. About 64 per cent of those injured took some time off work and 40 per cent received workers’ compensation2. Of those injured, only two per cent claimed from a privately owned Income Protection policy3.
“It is very concerning to see the amount of people whose working life is interrupted by unexpected illness or accident – especially those whose family relies on their ongoing income,” says Allan Griffiths, Norwich Union Life Managing Director.
“Worker’s compensation is only available for those injured at work - so what about people who miss work due to extended illness or accidents outside of work?”
“How would losing your income affect your lifestyle and family. Could you afford regular financial commitments such as a mortgage? For most people, their working income is the basis of their future financial security while also covering daily living expenses. Quality of life depends on the ability to earn an income and expectations of future earnings,” said Allan.
One of the most effective ways of ensuring that income is ongoing, even in the face of accident, illness or injury is income protection insurance.
Norwich Union Income Protection is designed to provide income replacement while the person is totally or partially disabled and unable to work as a result of either sickness or injury. Norwich Union pays on average $1.5 million per month in Income Protection claims, providing important protection for our policy holders.
“Income protection has a number of policy options available to ensure that all lifestyles and financial situations are catered for. I recommend people contact an independent Financial Adviser to get advice on how to protect themselves and their family against financial hardship,” said Allan.
Allan Griffiths is available for interview on 0419 307 319.
1Institute of Actuaries. Table IAD 1989 –1993. White collar males and females.
2Australian Bureau of Statistics Australian Social Trends 2002 – Health – Risk factors: Work related injuries, Canberra, May 2002
3Australian Bureau of Statistics Australian Social Trends 2002 – Health – Risk factors: Work related injuries, pg 7
For further information, please contact:
Simon Morgan
Group General Manager Public Affairs
(03) 9829 8892
0407 966 632
Note to editors:
- Norwich Union Australia is a group of three specialist financial services companies; Navigator, Norwich Union Life and Portfolio Partners. Through these companies we provide products and services in the areas of wealth creation, wealth management and wealth protection for more than 300,000 customers throughout Australia.
- Globally, Norwich Union Australia is part of Aviva plc, the world’s seventh largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Aviva was formed in May 2000 through the global merger of CGU plc and Norwich Union plc.
- Aviva’s principal business activities are long-term savings, funds management and general insurance. It has a market capitalisation of approximately A$23.5 billion at 16/07/02, worldwide premium and investment sales of more than A$72.2 billion from ongoing business and more than A$519 billion in assets under management. The group has 64,000 employees and more than 25 million customers.
- Norwich Union Australia has a sister company, CGU Insurance Ltd, a top 5 general insurance business, which operates independently in Australia.
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