Statistics and facts on death, disability and a critical illness claims

It is important to know your life insurance requirements and also to review these needs annually or when there has been a life-changing event.

Life insurance requirements need to be assessed depending on the life stage you are at, along with current liabilities, expectation of future liabilities, the number of dependents you have, your financial goals, and lifestyle, among other considerations.

Cancer statistics are continuously rising in South Africa, so having dread disease cover in place will make a huge difference to help with any expenses not covered by your medical aid when seeking treatment.

“New cancer cases have increased by 33% in the past decade, with “Lifestyle cancers” linked to smoking, bad diet and sun exposure rising particularly rapidly, according to the World Health Organization.”

The statistics also highlight the importance of disability cover for younger people who are self-employed, especially temporary disability, which could be event driven- such as an accident or time off work to recover from an illness.

Another concerning trend is the increase in stress related claims such as suicide and strokes. Recent insurer statistics have shown that the number of suicide claims in Gauteng province are currently higher than road accidents.

This would suggest that the stress levels in the country is taking a toll on the population.

Insurers have indicated there has been a significant spike in stroke-related claims, with the number of disability claims doubling in 2018.

Hypertension (high blood pressure) is one of the leading causes of strokes and again this indicates the increased level of stress in society.

What we learn from these statistics is to take better care of our health and ensure we have taken care of our financial planning.

Having a financial plan in place will provide you with a snapshot of your financial position and will highlight any shortfalls in the event of your death, disability or suffering a critical illness.

Even if your circumstances haven’t changed significantly or you don’t need to make changes to your cover, it can still give you and your family peace of mind that you have reviewed your life, disability and critical illness cover. If we can assist, please give one of our financial planners a call.

Please make contact with Greg Visser or our Risk & Wealth team on 0117789300 if you need any further assistance. 

This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your financial adviser for specific and detailed advice. Errors and omissions excepted. (E&OE)