by Ksenia Stepanova
Fidelity Life has reached a $2 billion lifetime claims milestone, paying out $247.7 million in the past financial year
Fidelity Life has paid out $247.7 million in claims over the past financial year, and has accepted 93% of new claims.
It has supported 2,279 customers between July 2024 and June 2025, bringing its total claims paid since founding in 1973 to more than $2 billion.
Rival insurer Partners Life reported similar acceptance rates for the year ending March 2025, paying out $325 million and accepting 95% of assessed claims. Since launching in 2010, Partners Life has now paid more than $1.6 billion in total claims to its 340,000 customers.
Claims trends
Both insurers identified cancer as the leading cause of claims across most policy types. At Fidelity Life, cancer accounted for 33% of accepted claims, with breast cancer representing 20% of cancer claims, followed by prostate cancer at 11% and lung cancer at 9%.
Partners Life reported cancer as the top reason for 49% of life cover claims, 60% of trauma cover claims, and 15% of income protection and private medical cover claims.
Cardiovascular conditions were the second-largest category for both companies. Fidelity Life reported 14% of claims related to heart conditions, while Partners Life saw cardiovascular claims make up 17% and 21% of life cover and total and permanent disability claims, respectively.
The two insurers showed differing patterns in income protection claims. Partners Life paid $60.7 million in income cover, with accident and injury representing 42% of claims in this category, followed by cancer at 15% and heart conditions at 11%.
For Fidelity Life, injury to bones, muscles and joints accounted for 15% of new claims, with knee injuries representing 8% ankle fractures representing 7%, and knee injuries at 6%.
Age demographics showed Fidelity Life's oldest life cover claimant was 101, while the youngest trauma claim was paid to a 23-year-old. For Partners Life, the 40-49 age range generated the highest volume of claims, with Partners paying out $102 million.
Claims acceptance and rehabilitation
Fidelity Life invested $772,000 in rehabilitation support over the year, according to chief claims officer Seema Bangera.
"Every claim paid is a promise kept. These numbers represent real lives and real impact," Bangera said.
Both insurers outlined similar reasons for the percentage of declined claims. Common factors included conditions not meeting policy definitions, undisclosed medical information at application, and claimants recovering before waiting periods expired.
Partners Life noted it pays 98% of assessed private medical cover claims. Genitourinary claims were the most represented category for this policy, accounting for 17%.
Financial strength ratings
Both insurers hold A-grade ratings from A.M. Best. Partners Life received an A (Excellent) rating with stable outlook as of January 2025, while Fidelity Life holds an A- (Excellent) rating.
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