LIFE INSURANCE – WHAT ARE THE CHANCES?!?! (2018)


One of the most common things I hear when
I talk to people about insurance is “It will never happen to me.” Each year, I help people complete anywhere
between five and ten claims. So in this video, I’m gonna share with you
the exact chance of things happening, and some real life scenarios to give you a bit
of a framework for understanding the likelihood of each of these types of claims. Stay tuned. Hi there, it’s Craig Bigelow, the founder
and head insurance expert here at True Pride. I bring out three videos a week: Monday, Wednesday,
and Friday, helping to make insurance easy. So if you’re new here, consider subscribing. When talking to clients about insurance, the
most common thing that I hear is “This’ll never happen to me.” So it always reminds me of a funny quote from
one of my favourite movies. Hit me with it. Just give it to me straight. I came a long way just to see you Mary. Just, the least you can do is level with me. What are my chances? Not good. You mean, not good like one out of a hundred? I’d say more like one out of a million. So you’re telling me there’s a chance. Yeah! When it comes to talking about insurance,
I understand it’s a pretty dry topic. So this video is designed to give you a bit
of a lighter side, to show you the chance of each type of insurance claim, as well as
some real life scenarios to give you an understanding of how likely that actually is to occur. So let’s get started with the most likely
chance of a claim for you, and that is on trauma insurance, in which there’s a one in
three chance that you’ll need to claim on this before the age of 65, on average. To give you an idea of what other events have
a one in three chance, let’s run through a few of those now. One in three is the same chance of people
who regularly skip breakfast. It is the same chance of Gen Y having a university
degree. One in three is the same chances of you being
a healthy weight. And believe it or not, one in three is the
same rate of people who refuse to sit on a public toilet seat. Okay, let’s move on to the second most likely
chance of a claim, and that’s for income protection, and there’s a one in four chance of you needing
to claim on an income protection policy between now and 65. So let’s have a look at some of the other
things that have a one in four chance of happening. The first thing, a one in four chance of an
adult Australian having a university degree. It’s the same chance of an Australian who
has been born overseas. It’s also the same rate as Australian men
who complain of back problems. One in four is the same chances of you being
obese. Believe it or not, but it’s the same chance
that you didn’t make your bed this morning. One in four is the chance that you’ll actually
repay any student debt that you owe. It’s actually more likely to happen than the
odds of being married more than once. It’s the same chance as someone who is over
the age of 65 not being able to swim. And finally it’s the same chance as the reason
that your photocopier broke is because someone sat on it. So the next cab off the rank is life insurance. And life insurance has a one in ten chance
of claiming on it between now and 65. So let’s take a look at some of those real
life events that have the same probability as you claiming on life insurance. There’s a one in ten chance that you’re left
handed. It’s the same probability of you being a smoker. You’ve got a one in ten chance of getting
the flu this year. One in ten is the rate of which Australians
use public transport to get to work each day. There’s a one in ten chance that as Australians,
we have a net wealth of over $1.6 million. And believe it or not, one in ten people actually
believe that chocolate milk comes from brown cows. The final of the insurances is for total and
permanent disability cover, or TPD, which has a one in twenty chance of you claiming
on it. Now a bit like the TPD claims, this is probably
the hardest one to research. So, let’s have a look at a few of the examples
that have the same likelihood of a TPD claim. One in twenty is the same chance of an adult
Australian being unemployed. You’re equally as likely to have your identity
stolen, as you are to have a TPD claim. There’s the same chance as a professional
athlete not being broke two years after they finish their sporting career. And you’re actually five times more likely
to claim on TPD then you are to have your annual tax return audited. Now don’t get me wrong, insurance is serious. But this video was designed to give you some
real life examples of other events that really are just as likely as some of these claims
are to happen to you. The idea of this video is to give you some
context of real life examples so that you can think about them when you are considering
the fact that life insurance, TPD, income protection, or trauma will never happen to
you. And just realise that the chances of this
happening is a lot more likely than you may think. Hey there, it’s Bigs. Thanks for checking out the video. If you like these videos and you wanna see
more, we bring out a new video around the insurance topic every weekday, so hit that
subscribe button next to me, be notified when we release these videos. We love your support. We’re here to build the community, and we
wanna bring you more videos. Thanks again for tuning in. I’ll chat to you soon.

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