TOWER Australia remains the country’s largest specialist risk insurer with in-force premiums exceeding $1 billion and paying $1 million in claims every working day. Tower is are one of only four insurers to reach this premium milestone and the first and only specialist insurer to do so. These achievements have been made possible with the support of advisers who choose TOWER life solutions for their clients. The service provided by advisers to their clients is extra-ordinarily valuable and Tower is committed to supporting them in protecting the lives and livelihood of so many Australians.

Analysis of TOWER’s claim statistics for the period July 2009 to June 2010 reveals claims payouts in Life Insurance, Critical Illness insurance, Income Protection insurance and Total and Permanent Disability totalling in excess of $346 million.  

TOWER Product	Claims Paid (1 July 2009 - 30 June 2010)
Life insurance	$166,773,736
Critical illness insurance	$33,484,605
Income protection insurance	$97,498,602
Total and Permanent Disability	$49,195,530
TOTAL	$346,952,473

Advisers and TOWER together play an important role in ensuring the dignity of individuals and families at the time of claim – people like Bill Simpson*, diagnosed with bowel cancer at age 52. Undergoing chemotherapy failed to relieve Bill’s symptoms and as his tumour progressed, Bill’s oncologist advised him to consider Avastin – a highly effective yet expensive bowel cancer treatment. Avastin was not listed on the Australian PBS, meaning Bill could only access the medication if he paid the full cost, which amounted to a staggering $4,000 a fortnight.

Faced with the prospect of not being able to work or afford his escalating medical costs, Bill lodged a claim under his life insurance policy. Soon after, he received a lump sum payment of $183,000 which enabled him to afford the full course of Avastin his doctor had recommended.

With the support of family and friends and the financial peace of mind afforded by his insurance cover, Bill’s symptoms and his quality of life have significantly improved with the assistance of this medication.