Image
Icon

Directory

IconAssociations and Institutes
IconBBBEE Consulting and Verification Agencies
IconConsumer Protection
IconCorporate Governance
IconCredit Bureaus
IconFinancial Planners
IconLife Insurance Companies
IconLife Insurance Products
IconOmbud
IconOnline Quotes
IconPublic Loss Adjustors
IconPublications
IconRe-insurance Companies
IconRegulatory Authorities
IconSocial Grants (Government)
IconWellness Programs
Advertise Here
  Subscribe To »

Cancer is leading cause of Insurance Claims according to Altrisk

Published

2012

Fri

03

Feb

According to insurance claims statistics released by Altrisk for January 2011  to December  2011, cancer is the leading cause of all insurance claims across critical illness, income protection and life cover, followed by accidental causes and cardiovascular disease.

The statistics illustrate:

 

  • In terms of critical illness insurance claims, 78% of all claims paid were for cancer, followed by cardiovascular disease at 27% and neurological causes at 15%. 
  • On income protection claims, 7% of all claims are cancer claims. 
  • Across all cancer-related claims for life, critical illness and income protection, breast cancer, colon cancer, and malignant melanoma are the main causes  
  • Of the total claims paid by Altrisk during the period, 48% of claims paid were for life cover, 21% of claims paid were for income protection and 17% of claims paid were for critical illness. The claims proportions are driven by the volume of cover for each benefit.
  • The cause of claims varies per benefit, with the main cause on income benefits being accidental, while cancer is the main cause for critical illness claims. 

According to Ryan Chegwidden, Actuarial Executive at Altrisk, the statistics highlight the importance of having cover in place to manage the consequences of contracting a serious illness or having a debilitating accident.  “Statistically, the probability of becoming disabled during your working life is about 13%. For the average 40 year old, the chance of contracting a life-changing critical illness by the age of 75 is much higher at about 43% for men and 34% for women. So while there’s still a chance you may not contract a critical illness, the financial consequences if it does happen are potentially devastating. Make sure that you understand these consequences and that you have a plan if either of these were to happen to you – for most people insurance is the only way to meet the need and for others it’s a cost-effective way to manage the risk,” explains Ryan.

 

Wally Bodin, an independent financial advisor and planner says:  “Critical illness cover has evolved since the 90s to a modern day ‘must have’ in financial planning. Planners no longer wait for their clients to reach a ‘mature’ age to put critical illness cover in place. The fact that a client in their early thirties is healthy is no reason to not cover them for critical illness. This wasn’t always common practice, but when one looks at statistics for cancer claims, people are being diagnosed at far younger ages than they were 20 years ago, due to medical advances and greater awareness. Recent industry-wide claims statistics reveal that cancer is responsible for more than 50% of all dread disease claims. Sadly, cancer knows no age. Women are the most neglected market, and ironically, they have almost double the number of claims than men.”

 

Ryan Chegwidden of Altrisk adds:  “Getting your life, critical illness, disability and income protection cover in place should top your list of priorities. There’s a tendency to think that insurance cover can be sorted out ‘later’, and many people even avoid the issue completely because they think it is too complicated, or even unnecessary. The 2010 Life and Disability Insurance Gap Study asserts the fact that South Africans remain seriously underinsured. 

 

There are very few people who don’t need to work to pay the bills. Your bond repayments, credit cards, electricity and water, taxes, school fees and grocery bills won’t stop arriving just because you’re sick or injured to the point that you are unable to work and function normally. Given these statistics, protection against the consequences of contracting a critical illness or suffering a serious accident should be a top priority.  With the plethora of products available on the market in terms of lifestyle and income protection, consult with a professional financial advisor who can assist you with your insurance choices,” concludes Ryan. 

 
Source: Teresa Settas Communications
 
« Back to previous page Print this page » |
 

Breaking News »

Insurance Disclosure 101: You’ve told your medical aid, have you told your life insurer?

Most of us tell our medical aid everything they need to know about our health. What you may not know is that we need to share that same information with our life insurer. When it comes to life insurance, being ...
Read More »

  

Keeping Customers Satisfied

This has always been an important component of business, even before Simon & Garfunkel turned the phrase into a hit song. A recent article on customer views of short-term insurers, led me to the website of ...
Read More »

  

Liberty’s Blue Skies ESD Programme creating financial freedom

Liberty is pleased to announce the closeout of its 2015 Blue Skies Enterprise and Supplier Development (ESD) Programme through which 19 suppliers received business development support over a period of 12 months ...
Read More »

  

More Younger South Africans Planning Future Finances

Half of world’s largest independent financial advisory company's clients in their 30's prioritising estate & retirement planning   People are starting to plan their future finances ...
Read More »

 

More News »

Image

Healthcare »

Image

Investment »

Image

Retirement »

Image

Short-term »

Advertise Here
Image
Advertise Here

From The Glossary »

Icon

Paid-up Policy:

A life insurance policy on which, at the request of the insured, premiums are no longer being paid but which remains in force (with benefits appropriately reduced) in preference to being surrendered.
More Definitions »

 
 
By using this website you agree to the Terms of Use.
Copyright © Stoker Risk & ICT (Pty) Ltd 2004 - 2016.
All Rights Reserved.
Icon

Advertise

  Icon

eZine

  Icon

Contact IG

Icon

Media Pack

  Icon

RSS Feeds