On 31 May 2014 a 47 year old man from Gauteng died in a tragic sporting accident. Just ten months earlier he had taken out a life insurance policy with Altrisk, paying out R119 million – the highest to date by Altrisk on a single life.
“You never look forward to receiving a client’s claim because the reasons for claiming are often times devastating,” said Susan Gonnermann, claims manager for Altrisk. “But when you see that your work makes the world of difference to the people your client loves the most and leaves behind, it makes all of it worthwhile,” said Gonnermann.
Financial planning is crucial
According to Gonnermann, the policy ensured that his family and business were financially secure: “The claim payment has taken care of the policy holder’s family and allowed them to retain some sense of stability in an exceptionally difficult time, as well as enabled his business partner to continue running their company,” said Gonnermann.
How was the client able to insure himself for so much?
Hayley Taylor, managing underwriter at Altrisk, explained that with extreme sports on the rise such as mountain biking and trail running, insurance companies are structuring policies to benefit those needing cover from regularly participating in the sport.
“Certain hobbies may attract an additional loading on the premium offered, however the client can opt for an exclusion instead, especially in instances where participation is irregular or on an ad-hoc basis, and the client cannot justify the additional avocation (hobby) loading.”
In this case the claimant was paying a monthly premium of approximately 40k a month, a premium based on his ‘unique’ circumstances.
Why was Altrisk quick to pay?
Gonnermann explained that “full and accurate disclosure” upon taking out the policy, whereby the client advised Altrisk of his participation in a dangerous sport, was ‘key’ to the claim being promptly settled.