Home / Life Insurance / Cancer dominates death claims for men, women: FSC data
3 August 2020
Cancer made up the majority of lump sum payments to policyholders last year for terminal illness or death claims lodged, the Financial Services Council (FSC) says.
About 61% of the payments for women were for cancer, with breast cancer accounting for the biggest portion at 29%. Circulatory issues placed second (9%), followed by accident (7%), abnormal clinical findings (6%) and nervous system (4%).
For the men, cancer made took up 39% of lump sum payouts, followed by accident (20%), circulatory issues (16%), abnormal clinical findings (10%) and nervous system (3%).
Overall lump sum death or terminal illness payments for both men and women totalled $3.6 billion last year from 19,974 accepted claims.
In total and permanent disability (TPD), mental disorders made up the bulk of lump sum payments to men and women, at 24% and 27% respectively. The other leading causes of TPD claims payments for men and women are accident, musculoskeletal, nervous system and cancer.
About $2.6 billion in total TPD lump sum payments were made last year from 17,266 claims.
For income protection (IP), accident was the biggest cause of claims payment for men and women, at 38% and 28% respectively. Other claim causes for men are cancer, musculoskeletal, circulatory and mental disorders. For women, it is mental disorders, cancer, musculoskeletal and genitourinary systems.
Some $4.3 billion in IP payments from 37,465 claims were recorded.