New figures show that Australia’s leading life insurance specialist TAL paid out more than $843 million in claims last year, a massive increase of 45% over the previous year’s payout of $580 million.
Of the different forms of life insurance, those taken out to help people while still living account for the majority of the payments, while a payment in the event of death now accounts for just 47.5% of benefits paid.
Cancer features as the chief reason for claims in 2013 for three out of the four types of life insurance, including Life (lump sum upon death), Disability (lump sum upon permanent and total disability) and Critical Illness/Trauma (lump sum for defined illnesses).
Cancer is the third highest cause of claim for Income Protection (regular income payment upon defined illness/disability), followed by musculoskeletal/connective tissue disorders, and the leading cause, injury/fractures.
TAL Group CEO Jim Minto said the huge increase in the amount of life insurance payments made to customers in 2013 reflected an industry trend of rising claims in recent times as people become more aware of their life insurance benefits.
TAL is a specialist life insurance company with leading competitive offerings in each of its core distribution channels: direct to customers; through financial advisers; and through group and workplace superannuation schemes. With in-force premiums of $1.8 billion, TAL is the largest life insurer in Australia. TAL is owned by The Dai-ichi Life Insurance Company Limited, one of the top 10 life insurers in the world.
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