Out of the total number of individuals and beneficiaries who received payments during this period - a remarkable 32,456 in total - an astounding 75% of the claims were related to living benefits. This percentage has seen an increase compared to the previous fiscal year, where living benefits accounted for 72% of the claims.
The Rise of Mental Health Related Claims
Significantly, the majority of living benefit payments can be attributed to mental health conditions. Conditions such as PTSD and depression make up 23% of all claims, surpassing injuries and cancer, each accounting for 15% of the claims. This increase in mental health related claims is a notable trend that has been observed in recent years.
Mental health related conditions have been steadily gaining traction as the leading cause of claims, overtaking cancer in the year 2021-FY22. This shift reflects both the awareness and recognition of mental health conditions as well as the evolving understanding of the impact they have on individuals.
Importance of Income Protection and Total and Permanent Disability
Within the living benefit category, income protection and total and permanent disability claims have gained prominence. These coverages play a pivotal role in providing financial support to individuals facing mental health challenges, enabling them to navigate their recovery journey without worrying about their financial well-being.
Expanding Support for Mental Health
The increase in mental health related claims signifies the need for continued support and assistance. It is crucial for insurers and the financial services industry as a whole to offer comprehensive coverage and resources for mental health conditions. This includes access to mental health professionals, tailored support programs, and proactive measures to promote mental well-being.
By recognizing and addressing mental health as a legitimate and significant concern, insurers like TAL are setting a positive precedent in the industry. They are not only fulfilling their obligations to their policyholders but also contributing to the broader conversation surrounding mental health and the importance of financial support during challenging times.
