Johannesburg, July 16, 2024 – Marking the 10-year anniversary of Discovery Life’s Dollar Life Plan, Discovery Life released its 2024 Dollar Life research paper at a media roundtable in Sandton today. This important research examines how South Africans are diversifying their risk cover to include life insurance that pays out offshore, in U.S. dollars.
There are multiple trends that compound to create a more complex financial planning environment for women. Because of persistent socio-economic inequality, women face a large insurance gap. With this context in mind, Discovery Life has built life insurance products which specifically cater to these challenges and risks.
South Africa’s young adults could bridge the growing life and disability insurance gap by diverting a fraction of their monthly lifestyle expenditure to financial services products. The largest insurance gap is currently presented by millennials between the age of 18 and 30 coupled by high levels of indebtedness and low savings.
Discovery Life published insights of its life assurance claims from January 2016 to December 2016. A total of 20 247 claims were paid over the period, amounting to R3.2 billion. This brings the total amount that Discovery Life has paid out to date up to R18.7 billion.
Discovery Life published details of its life assurance claims from January 2015 to December 2015. A total of 19 591 claims were paid over the period, amounting to R2.8 billion. Unnatural deaths accounted for 21% of all claims in 2015.As many as 60% of Discovery Life claimants were older than 50 in the same period...