Discovery Life Pays Out R12 Billion
On 8 June 2022, Business Day issued a report that Discovery Life had paid out a record-breaking R11.79 billion on claims in 2021 for those belonging to their various life scheme plans.
A large portion of the total amount, 9.1 billion to be exact, was paid out on claims for the 10 000 members for incidents relating to severe illness, funeral benefits, disability as well as death.
Discovery have since issued a statement indicating that the total amount of life cover claims it paid out in the year 2021 was just shy of three times the amount paid out in the year 2020. This number of claims was greatly associated with the Covid-19 pandemic and the devastating effects it has had on the lives of our people.
Discovery Life’s collected data has also pinpointed frightening trends in areas such as mental health among its members. In 2021 alone, they noted an 18% increase in suicides. Discovery paid out R405 million in claims all relating to behavioural and mental conditions, as well as suicides.
With the virus being so contagious, many are still afraid of being out in closed and public spaces, fearing that they might catch the virus not knowing how their body will react. This has been an extremely mentally and physically challenging time for many.
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