Of course no one wants to think about any of these happening to them. But we all know someone who has been affected by these tragic events. When they do occur, the physical and emotional stress and concern is enough without having worry about paying the mortgage or the day to day living expenses.
Personal insurance is unusual in that you buy it hoping you will never need to use it. You’d be very happy to never make a claim but if you need to, it will be the best money you have ever spent.
The reality of the statistics is that these are far more common than we might think:
A 35 year old male has a 27% likelihood of making a claim for death, total and permanent disability or trauma by age 65. This likelihood is 23% for a female of the same age.
A 50 year old male has a 23% likelihood of making a claim for death, total and permanent disability or trauma by age 65. This likelihood is 18% for a female of the same age.