BSP Life paid $44 million in customer benefits from January to June 2023.

This equates to around $1.7 million a week, an increase of 13 per cent from the average of $1.5 million a week in 2022.

Most payments were for survival benefits and maturities from life insurance policies at $30 million. Death and disability payments totalled $6 million while health insurance payments totalled $8 million.

BSP Life’s managing director Michael Nacola said, “We are delighted to see an increasing trend in benefit payments which is tied to customers commitment to their policies, particularly investment linked insurance policies that are long term in nature. 

“It takes commitment and financial discipline to keep policies active, and we take great pride in seeing customers benefit from the wise financial choices they make.

“Of the total $44 million in payouts so far this year, 68 per cent were for living benefits meaning customers receive lump-sum cash to support their life goals ranging from children’s education, to starting a business, purchasing an asset, retirement, or taking a family holiday.

“We aspire to provide world-class service to customers, exemplified by the high volumes of benefits processed within short turnaround times, at an acceptance rate that is comparable with international standards”.

Source: BSP Life

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