Ina Opperman
Business Journalist
4 minute read
13 Oct 2021
4:39 pm

Covid drives income protection claims through the roof

Ina Opperman

Covid proved how important it is to protect your income, with as much as 87% of one insurer's claims for the past year being for income protection.

Picture: iStock

Income protection claims spiked due to Covid in 2020, with claim volumes at one insurer increasing by 17% compared to 2019 and making up 87% of claims paid during the pandemic year. Minor infection claims due to Covid-19 accounted for almost a third of the company’s income protection pay-outs. According to life insurer FMI, a division of Bidvest Life Ltd, this was the highest number of claims in its 26-year history due to a sharp increase in temporary income protection claims related to Covid-19. Minor infections made up 31.2% of all income protection claims paid with most of these for...