TAL paid more than $947 million in claims in 2014, an increase of around 12.5% on the previous 12 months, the insurer has reported.
In a statement releasing the group’s 2014 claims paid statistics, TAL highlighted that the majority of claims paid were made to help people still living. Death benefits equated to 47.4% of claims paid for the period.
The most common reason for claims overall was cancer, accounting for almost a quarter of all payments. Circulatory system diseases, injuries and fractures and respiratory diseases were the next most common claims causes.
TAL General Manager Claims, Mary Maini, said the increase in the amount of payments made to customers in 2014 reflected an industry trend of rising claims in recent times, as people become more aware of their life insurance benefits.
“The rising amounts of life insurance payouts being paid to customers is in fact very good news because it highlights the value and need of life insurance in protecting customers and their families when they most need it,” she said.
“Life insurance protects the assets and future dreams of people and families, but there is a practical benefit with close to a billion dollars paid by TAL to its customers last year helping them to get back on their feet, to meet ongoing obligations and even achieve future aspirations.”
To assist advisers to deliver this good news story, TAL has produced a client-facing video and infographic.
Great post! It’s worth reading to know how much people are now more concern about their life and life insurance benefits. Thanks for sharing!
Comments are closed.