The most popular story published by Riskinfo this week was our report on the $1bn Partners Life has so far paid its policyholders…
Partners Life paid out more than $39m in monthly disability claims to more than 3,000 clients last year. Their age ranged from 18 to 68, with the average age being 42.
The data features in a publication called All About Our Claims that was released by the firm to document how it has helped its policyholders since it started trading in 2011 (and includes figures for 2022). Since the firm began trading, it has paid more than $1bn in claims.
Monthly disability claims
During the past 12 years, Partners Life paid 11,458 monthly disability claims valued at more than $176m. The longest claim ran for 10 years (3,765 days), with the average being 393 days. The largest claim paid is valued by the firm at $1.3m.
In 2022, the top five monthly disability benefits totalled more than $39m and covered claims for:
- TDP: $23.6m
- Partial disability benefit: $3.9m
- Critical illness benefit: $3.6m
- TPD: $2.7m
- Specific injury benefit: $1.7m
Also during 2022, the firm paid 216 life benefit claims totalling $47.1m. Of these, death benefit payments came to almost $27m.
A breakdown of claims for 2022 list:
- Death: 114
- Terminal illness: 49
- Bereavement support: 35
- Dependent child funeral: 30
- Terminal illness advance benefit: 10
While it paid 216 life benefit claims totalling $47m during last year, life claims since 2011 total $279m, with the largest valued at $2.8m. The ages of those covered range from 16 to 89, and the reasons for claiming include:
- Cancer ($125m)
- External cause of death ($48m)
- Disease of circulatory system ($46m)
Medical claims
Private medical claims totalled $57.3m in 2022, and almost $55m was paid in trauma cover. During its 12-year history, the firm approved claims for children aged under one, to adults aged up to 85 (with the average age being 40).
Last year, the firm’s private medical cover helped 10,266 policy holders with claims of more than $57m.
For the percentage of claims paid, the firm states it settled 89% of claims received between 1 April 2022 and 31 March 2023, and detailed why some claims were not accepted. These include clients recovering during the waiting period, clients not meeting the conditions of their policy, policy exclusions, and relevant information not being disclosed.