BSP Life beneficiaries have been paid $67 million last year where on average $250,000 was being paid out each working day.
The company says 75,000 benefits were processes where life insurance maturities and living benefits totalled $44 million, death and disability payments totalled $12 million while health insurance payments totalled $11 million.
They say 46,000 benefits worth over $40 million have been processed so far this year.
BSP Life’s Managing Director, Michael Nacola says taking out a life or health insurance policy requires foresight that the commitment being made will pay off in future.
Nacola has also highlighted some worrying trends where their claims data over the last five years indicate the onset of chronic ailments and deaths at young ages.
He says the highest number of medical claims from 2016 to 2021 was in the 30 to 39 year age group and for death claims, the highest number was in the 45 to 54 age group.
He further says it was particularly heartening to assist customers last year where they have heard of many instances where the lump sum cash received from life insurance proceeds assisted families manage through the pandemic, especially those in the tourism industry.
BSP Life has a $900 million investment portfolio.
