Beneficiaries of Life Insurance Policies received more than R10,3 Billion in 2014.
According to the Association of Savings and Investments of South Africa (ASISA), more than 98,9% of claims was paid out during this period. Even though the percentage of claims paid out in 2014 stayed the same as the previous year, the value of claims that have been paid out has increased with approximately R2 Billion.
The 1,1% of the claims that was rejected amounted to approximately R388,9 Million. According to Peter Dempsey, Deputy CEO of ASISA, the reason for the claims being rejected was due to information that was not made public by the policy owner.
Dempsey says the consistency of claims being paid out by Long-term Insurance Companies is important to instill trust in the policy owners.
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