The most common life insurance claims are typically related to events covered under standard life insurance policies. These include:
- Death Due to Natural Causes: This is the most common type of life insurance claim. It includes deaths caused by illness, aging, or medical conditions like heart disease, cancer, or respiratory illnesses.
- Accidental Death: Claims related to accidental death are also frequent. This can include deaths resulting from car accidents, falls, workplace accidents, or other unintentional injuries. Some policies have specific coverage for accidental death, offering higher payouts in such cases.
- Terminal Illness: If a policyholder is diagnosed with a terminal illness, they may file a claim to access the death benefit early, typically when given a prognosis of limited life expectancy (often 12 months or less).
- Suicide (After the Waiting Period): Most life insurance policies have a suicide clause that excludes claims within the first two years of the policy. However, after this waiting period, suicide may become a valid claim, depending on the policy's terms.
- Critical Illness: Some life insurance policies include critical illness riders, which allow the policyholder to claim the benefit if diagnosed with serious illnesses such as cancer, stroke, heart attack, or organ failure.
- Disability or Accidental Injury: If the policy includes disability benefits, the claim may be related to permanent disability caused by accidents or illnesses that leave the policyholder unable to work or perform daily tasks.
While these are the most common claims, each life insurance policy has its own terms and conditions, and claim scenarios may vary based on the coverage and specific clauses included in the contract.
https://www.momentum.co.za/momentum/personal/life-insurance/claims-stats