Claims over 8 years.

I wrote about claims on Life Insurance pay-out by NTUC Income for the month of October in 2010.  The figure below shows the same period 8 years later in 2018. How much have change?

Claims Settled In October 2018

Type of Claims	Number	Amount (S$)
Death	135	7,095,721
Critical illness	108	5,823,076
Permanent & total disability	6	276,108
Total	249	$13,194,905

It is interesting to see while the total amount for Death and Critical Illness are higher in 2018 as compared to 2010, the average case claimed was not significantly higher. The average amount claimed per case for Death was about $52,560 in 2018 and it is about $10,000 lesser in 2010.

For critical illness claims, it was $51,807/case claim in 2010 and it increased to just $53,917 in 2018. One major jump was the number of claims made for Critical Illness which had more than doubled from just 50 cases in 2010 and the current 108 cases in 2018.  It was also noted that the claims for Total and permanent disability was very low.

However, the amount claimed per case is not a good indication of the average coverage a policy holder is covered. It may not indicate that the coverage had not increase over the last 8 years as there is a possibility that there is a possibility that there is a huge sum assured e.g. $300,000 and the rest are made up of small coverage like $50,000. A better gauge is how many claims are made for coverage above $100,000 which is also, IMHO, the minimum amount one should be covered .

 In Oct 2018, there were a total of 38 cases that exceeded $100,000 as compared to only 13 cases in 2010.  It is also interesting to note that the claims for critical illness were significantly much higher today than in 2010.

Claims Exceeding $100,000

No.	Type	Age	Cause	Amount (S$)
1	Death	43	Heart Attack	150,674
2	Death	44	Others, Unknown	186,264
3	Death	45	Suicide	125,000
4	Death	46	Cancer	111,596
5	Death	47	Stroke	553,297
6	Death	53	Cancer	385,214
7	Death	55	Chronic Lung Disease	111,826
8	Death	56	Cancer	201,230
9	Death	56	Accident	200,462
10	Death	58	Cancer	306,606
11	Death	61	Cancer	255,158
12	Death	65	Cancer	145,427
13	Death	66	Cancer	295,108
14	Death	70	Cancer	151,088
15	Death	73	Others, Unknown	115,949
16	Death	73	Heart Attack	279,514
17	Death	74	Heart Attack	112,781
18	Death	75	Cancer	210,000
19	Death	79	Chronic Lung Disease	119,096
20	Critical illness	32	Cancer	107,507
21	Critical illness	44	Cancer	270,993
22	Critical illness	46	Cancer	101,541
23	Critical illness	46	Cancer	186,381
24	Critical illness	46	Cancer	180,645
25	Critical illness	49	Cancer	150,000
26	Critical illness	50	Cancer	100,000
27	Critical illness	52	Cancer	158,599
28	Critical illness	55	Heart Attack	225,023
29	Critical illness	56	Heart Attack	158,354
30	Critical illness	59	Cancer	116,162
31	Critical illness	60	Cancer	122,212
32	Critical illness	61	Heart Valve Surgery	220,166
33	Critical illness	62	Cancer	110,335
34	Critical illness	63	Stroke	281,661
35	Critical illness	64	Cancer	185,083
36	Critical illness	65	Cancer	222,335
37	Critical illness	65	Kidney Failure	170,546
38	Critical illness	68	Cancer	128,299
Total	$7,212,132

The claims made in 2010 and 2018 are summarised below in charts.