TAL paid more than $947 million in claims last year, up 12.5% compared with 2013.

Most of the figure covers claimants’ living costs, while death benefit payments account for 47.4% of the sum.

TAL says cancer was the leading reason for claims, prompting almost a quarter of payments, followed by circulatory system diseases, injuries and fractures, and respiratory diseases.

GM Claims Mary Maini says the increase in payments follows an industry trend of rising claims, as people grow more aware of their life insurance benefits.

“The rising amounts of life insurance payouts being paid to customers highlights the value and need of life insurance in protecting customers when they most need it. This equates to paying an average of $3.79 million each and every working day to customers.”