The cost of survival: Cancer tops claims at Liberty, by Les2020ic
The company, which announced the statistics at an event held in Johannesburg this week, paid out R4.7 billion in claims last year, R200 million more than the year before and R2.7 billion more than a decade ago.
Liberty’s executive for customer and adviser experience, Johan Minnie, said the increase in survival claims was seen across the country, indicating the importance of including lifestyle protection in your long-term insurance cover. “However, advances in medical technology and early diagnosis of critical illness are resulting in more people recovering from adverse events. Now claimants and their beneficiaries need to manage the cost of survival,” he said.Thabani Nkwanyana, Liberty’s lead specialist medical officer, said the figures revealed that cancer remained the highest cause of claims related to critical illness, death and disability.
“This results in a significant financial effect on households in terms of family lifestyle, work and the ability to earn an income.”
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