The 2018 annual death claim benefit statistics for fully underwritten individual life policies released this week by the Association for Savings and Investment South Africa (Asisa) show that life insurers paid 33545 claims, representing 99.3 percent of all claims received. Life insurers declined 222 claims, a mere 0.7 percent of claims against underwritten individual life policies in 2018.
Fully underwritten life policies are issued only if the policyholder has completed a full underwriting process, which involves a comprehensive assessment of the life insured’s health and medical history.
Rosemary Lightbody, a senior policy adviser at Asisa, said the value of death claim benefits for fully underwritten individual life policies has more than doubled from R6.8bn to R15.1bn since Asisa started consolidating statistics in 2012.
Death claims against fully underwritten life policies will always be paid by insurers, provided the claim is not fraudulent and the policyholder did not: