Momentum Life Insurance

Since launching its flagship Myriad product in 2002, Momentum Life Insurance has paid an impressive R77,9 billion in claims. These payouts reflect more than just numbers, they represent promises honoured and real financial support for families, businesses, and futures during life’s most challenging moments.

“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.”

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,” adds Bothma, “but we do so responsibly, supported by robust underwriting and ongoing product innovation that keeps pace with our clients’ evolving needs.”

Death claims: Consistently driven by health trends

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.

Critical Illness: When cover matters most

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.  

Interestingly, females tend to claim at younger ages than males. They tend to claim critical illness benefits during their prime working years, often when they're 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.

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 importance of early uptake and long-term retention of critical illness cover cannot be overstated — especially as conditions like cancer and cardiovascular disease continue to dominate claim causes.

Disability and Income Protection: Lifelines when it matters most

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 for claims between lump sum disability and income protection are consistent across benefit types led by musculoskeletal conditions, followed by nervous system, cancer and psychiatric or mental related conditions.

• 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. This highlights the long-term nature of financial protection and the importance of sustaining it throughout life.

Cover that keeps pace with life

Momentum Life Insurance’s claims data tells a powerful truth: claim events can happen to anyone, at any age. That’s why it’s essential to start with early, comprehensive cover and review it regularly as life circumstances change.

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