A large life insurer recently released interesting details on the amounts and types of claims that they paid over a recent 12 month period. These included claims from all types of life insurance policies that they offer and the various distribution channels they use. Claims for Mental health conditions (including, for example, post-traumatic stress disorder and depression) was the largest category by reason for claim. These made up 19% of all the claims they paid over a 12 month period spanning from 2022 to 2023. Of all the claims paid from this reason, 4% were from Life Insurance Cover, 28% from Total & Permanent Disability Insurance Cover (also called TPD cover) and 68% was from Income Protection Insurance cover.
The full report can be found on the website of TAL (about-us/our-commitments#our-contribution)
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