The statistics for Fidelity Life claims are out as a flyer that brokers can use to see where and what claims were paid in 2014. From 2012 to 2014 they paid a total of $96.5 million in death and terminal illness claims, $51.9 in critical illness or trauma claims, and $19.6 million in income protection.
In regard to death claims; there were two claims of note. A payment of $300,000 to a 38 year old sheet metal worker and of $250,000 to a 44 year vehicle inspector, both of whom took their own lives. 43% of claims were from cancer, 16% for heart issues and only 4% from accidents.
Of the trauma or critical care claims: 50% for cancer, 13% heart and 26% other. For women 65% of claims are for cancer and, looking through the individual claims, many were for breast cancer.
The largest men’s claim was $830,362 paid to a 53 year old company director for melanoma, and the largest women’s claims were $636,000 to a 43 year old chief financial officer and $709,000 for breast cancer to a sales executive.
Some 47% of income protection claims were paid out for muscular and limb conditions followed by cancer at 13% and depression 8%. A total of 386 claims were paid during this period for income claims. As Fidelity have a benefit for defined accidents the level of muscular and limb condition claims in this area may be a little higher than for the general market.
It is interesting to note that these claims would normally be expected to be paid by ACC. So it shows the value of having an insurance program in place.
From my experience mental health issues are often a reason for a claim and they can take a long time to be sorted. Often the client would be the last person you would expect to suffer in this area.
Again, it just goes to show what value a good insurance program can provide.
If you would like to see the report or just find out if you are covered in the areas where there are the most claims, please make contact me or any member of Plus4 Insurance Solutions.
Grant Uridge is chairman of Plus4 Insurance Solutions, a national insurance broking and financial adviser group.