Living benefits overtake death claims as Discovery Life payouts shift
Discovery Life’s 2025 statistics show 65% of payouts go to living benefits – advisers must rethink risk, product design, and client conversations.
#incomeprotection
Affordability pressures to drive innovation as insurance gap hits R50 trillion
The Insurance Gap Study finds SA’s life and disability shortfall has swelled to R50.4 trillion, with the average earner holding only 39% of the cover their dependants would need.
Income protection leads Bidvest claims as clients face higher short-term risks
According to Bidvest Life’s 2024 Claims Report, younger clients and women accounted for most income protection claims – signalling where advisers’ risk focus may need to shift.
Old Mutual’s risk benefit payouts rise by 4.3% to R14.7bn
The ‘big four’ illnesses made up 73% of severe illness claims; cancer alone accounted for 68%, driven by breast and prostate cancers.
Sanlam flags rise in cancer-related claims, particularly for younger policyholders
Breast cancer claims increased by 33%, and prostate cancer claims soared by 41%, the insurer’s data for 2024 shows.
Liberty flags high income protection claims in the financial sector
The group also notes a surge in capital disability benefit claims, driven by increases in the number of claimants and the average sum assured.
Future-proof cover critical as multiple illness claims climb
Discovery Life’s claims report reveals a sharp rise in repeat severe illness claims and a growing need to factor child protection into long-term insurance strategies.
Suicide-related life claims surge by 62% over five years
Discovery Life’s claims data reveals rising risks, with increasing concerns about mental health and skin cancer.
Life insurers pay a record R639 billion in 2024
Sales of recurring-premium savings policies continued to improve, while lapses of risk policies declined.
PPS takes its mutual insurance model to the broader SA market
It says the new business division, called glu, provide members with straightforward insurance solutions and profit-sharing.
Choosing the best life cover for your clients: key questions to ask
Choosing the best life insurance for your clients is about more than comparing prices. It’s about ensuring the cover meets their unique risks and needs, from income protection to cancer care, says Bidvest Life’s Mark Neil.
Court ruling highlights discovery dispute in R16-million insurance claim
The High Court has dismissed challenges by a policyholder accused of defrauding Discovery Life of more than R16m in disability and income protection claims.
How financial advisers can attract millennials with income protection solutions
Bidvest Life’s Nic Smit suggests shifting from the traditional approach of leading with death coverage to focusing on income protection when engaging younger clients.
Critical illness: Momentum Life Insurance urges comprehensive coverage planning
Momentum’s 2023 statistics show that 57% of death benefit claims were due to cardiac and cancer events, yet less than 81% of these claimants had critical illness cover.
Video interview: New mutual insurer enters the market
CEO Michele Jennings says glu targets a wider audience with straightforward products and digital innovation.
