Cancer and cardiovascular disease dominate life insurance claims in South Africa

Cancer and cardiovascular disease remained the leading causes of death claims in 2024, together 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, according to Momentum Group.

Momentum says 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 claim causes.

“Behind every claim is a promise honoured,” says Joretha Bothma, Head of Product Development, Underwriting, and Claims at Momentum Life Insurance. “These payouts protect futures when clients need us most.”

The group says Momentum Life Insurance’s 2024 claims report reveals an impressive 99,8% payout rate on valid life cover claims, underscoring the company’s commitment to reliable, responsible protection.

“We exist to pay claims, but we do so responsibly, supported by robust underwriting and ongoing product innovation that keeps pace with our clients’ evolving needs.”

According to the group, interestingly, women tend to claim at younger ages than men, often during their prime working years, when they’re managing careers and family responsibilities. This emphasises the need for strong financial protection during this period, as a critical illness can place enormous pressure on a household’s finances. A payout can provide relief, giving families space to focus on recovery instead of survival, it says.

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 holding on to critical illness cover well into later life.

The importance of early uptake and long-term retention of critical illness cover cannot be overstated, especially as illnesses like cancer and heart disease remain dominant claim drivers, says Momentum.

“Disability and income protection benefits extend far beyond essential monetary payouts,” explains Nafeesa Gaida, head of claims at Momentum Life Insurance. “They provide a vital financial breathing space, allowing clients to focus entirely on their recovery.”

The top four causes of claims across both lump sum disability and income protection benefits were consistent: musculoskeletal conditions came first, followed by nervous system issues, cancer, and psychiatric or mental-related conditions.

The youngest claimant, just 18, became paralysed after a motor vehicle accident. At the other end of the spectrum, an 84-year-old client continues to receive monthly payments for a prostate-related disability, demonstrating that these benefits can provide critical support throughout all stages of life.

“Our 2024 claims data provides incontrovertible proof of the essential role that life insurance plays in bridging financial gaps for families in times of crisis,” says Bothma.

PERSONAL FINANCE