The latest claims statistics from Momentum Life Insurance shows that an insured event can happen at any time in your life.
Momentum Life Insurance paid out R6.6 billion in 2024, with suicides again being one of the main reasons for unnatural death. Since launching its Myriad product in 2002, Momentum Life Insurance has paid out R77.9 billion in claims.
Joretha Bothma, head of product development, underwriting and claims at Momentum Life Insurance, says the 2024 claims report reveals a 99.8% payout rate on valid life cover claims.
Death claims at Momentum Life Insurance were consistently driven by health trends, she says. Cancer and cardiovascular disease remained the leading causes of death claims in 2024, accounting for nearly 60% of all life cover payouts.
“These trends reflect broader health patterns in South Africa and reinforce the importance of maintaining comprehensive cover well into later life.”
For critical illness claims, cancer was the leading cause of claims at 45%, with cardiovascular, nervous system and musculoskeletal conditions rounding out the top four claims’ causes.
Bothma says, interestingly, women tend to claim at younger ages than males. “They tend to claim critical illness benefits during their prime working years, often when they are juggling significant family responsibilities and careers.”
“This highlights the importance of financial protection during this life stage, as a critical illness can have a substantial impact on family finances. The financial support from a critical illness payout can help alleviate some of the burden, allowing families to focus on recovery rather than worrying about financial stability.”
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Youngest and oldest claimants at Momentum Life
According to the claims statistics, the youngest claimant was just 18, a sobering reminder that serious illness can strike at any age.
Many claims were also paid to older clients, reinforcing the value of keeping critical illness cover intact later in life. The death claim paid out to the oldest member was for a man who died at 92 from a stroke.
“The importance of early uptake and long-term retention of critical illness cover cannot be overstated, especially as conditions such as cancer and cardiovascular disease continue to dominate claim causes,” Bothma says.
The top four causes for payouts between lump sum disability and income protection are consistent across benefit types, with musculoskeletal conditions topping the list, followed by nervous system, cancer and psychiatric or mental-related conditions.
Nafeesa Gaida, head of claims at Momentum Life Insurance, says the youngest claimant for both lump sum disability and income protection was just 18, a survivor of a motor vehicle accident that left him paralysed.
“This case underscores how life-altering events can happen without warning, even at a young age, highlighting the importance of securing cover early.”
The oldest claimant was an 84-year-old client who receives monthly payments for prostate-related disability on his income impairment benefit. Gaida says this again highlights the long-term nature of financial protection and the importance of sustaining it throughout life.
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Claims for terminal illness and unnatural death
The youngest person to receive a payout for terminal illness was a woman of 33 who suffered from squamous cell carcinoma, and the payment for the oldest claimant was for a man of 79 who had liver cancer.
For child critical illness, 33% of the claims paid out were for endocrine or metabolic system illness, while 15% were for cancer and 13% for congenital conditions.
“Disability and income protection benefits extend far beyond essential monetary payouts. They provide a vital financial breathing space, allowing clients to focus entirely on their recovery.”
Claims for unnatural death were topped by accidents (39%), suicide (28%), surgery (16%) and murder (15%). A total of 81% of the claims for unnatural death were for men and only 19% for women.
The largest death claims since 2010 were for a man of 49 who died due to surgery in 2010 with a claim paid out for R101 million, a man of 36 who died in an accident in 2013 with a payout of R36 million and a man of 72 who died from a gunshot in 2023, with a payout of R117.2 million.
