2 minute read
Securing your clients’ futures today
The COVID-19 pandemic has created uncertainty in nearly every aspect of daily life.
Never before has it been so important for people to regain control over their lives, and have peace of mind about what the future holds.
A drastic spike in mortality
According to George Kolbe, Head of Marketing for Retail Life Insurance at Momentum, “COVID-19 has brought death much closer to home for many people, either directly or indirectly.
”Momentum saw a tremendous increase in the number of COVID-19-related claims. Until the end of February 2021, we have paid in excess of R750m in COVID-19-related death claims on our Myriad product range only.”
The graph below will give an indication of how quickly the COVID-19-related deaths increased, with the highest number of claims coming through in February 2021.
George highlights that, “If the first and second waves are compared, it is clear that we have had a shocking increase of about 205% in the value, or size, of death claim pay-outs, and there was also an increase of more than 140% in the number of claims. The disparity is a result of some bigger claims coming through during the second wave of the pandemic.”
Insights regarding Momentum’s COVID-19 claim experiences
“Our death claim experiences during the pandemic is very much in line with the national COVID-19 statistics,” states Kolbe. He adds that, “The older clients were affected the most and in most instances it was related to comorbidities.”
The oldest Myriad client who passed away, to date, was an 89-year-old lady who died from pneumonia complications. In contrast, the youngest Myriad client was a 32-yearold who, in a double tragedy, died due to a combination of the virus along with birth complications.
George points out that, “Each of these claims tell their own unique story, each of them as significant as the next, all of them leaving devastated families behind, which is really heart-breaking.”
When looking at gender, the claim experiences indicate that there were approximately twice as many deaths for males compared to females across both waves.
“The largest death claim that was paid during COVID-19, to date, was for R77m and the policy was only in force for three months. This is a story of a client, a father and husband, who made the right decisions when his financial adviser compiled his financial plan – and when the worst happened, his loved ones were left financially secure.”
Vital lessons for our life journeys
George concludes, “If the COVID-19 pandemic has taught us anything, it is to have a proper plan for the future. We do not know what will happen tomorrow, or even today, and therefore it is vital to plan for what we can control, such as financial security for our loved ones when we pass away. Momentum understands this inherent need for security and therefore provides claim certainty for clients by always looking for reasons to pay valid claims.”
George Kolbe, Head: Marketing: Retail Life Insurance, Momentum
