Cookies on The Nenagh Guardian website
We use cookies to ensure that we give you the best experience on our website. We also use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the The Nenagh Guardian website. However, if you would like to, you can change your cookie settings at any time by amending your browser settings.
Hide Message
  • News

Irish Life pays out €4.3 million in life insurance, illness and injury claims in Tipperary during 2018

Saturday, 23rd February, 2019 8:00am
Jump to comments
Irish Life pays out €4.3 million in life insurance, illness and injury claims in Tipperary during 2018

€2.1 million  paid out in Life Insurance to families of 48 people who died in Tipperary

€2.2 million  paid out to 42 Specified Illness Claimants in Tipperary

Cancer was the biggest cause of Life Insurance and Specified Illness claims in Tipperary


The average age of death claims in Tipperary was 68 years, and 52 for Specified Illness claims.


Women in Ireland claimed at an earlier age than men – average age for female specified illness claims is just 51 years old, 4 years earlier than men


People in Ireland are financially undercovered - half have no life insurance cover at all, with only 1 in 5 having enough savings to get by in the case of serious illness or injury*
 
19th February 2019 – Irish Life, Ireland’s leading life insurance company**, has published its annual claims report confirming that it paid out €4.3 million to customers and their families affected by injury, illness and death in Tipperary during 2018. The data, which provides a valuable insight into the health of the nation, includes analysis of the illnesses and conditions.
 
Martin Duffy, Head of Underwriting & Protection Claims, Irish Life Retail, said: “Our research tells us that many families in Ireland are financially under-covered.  Half of people in Ireland have no cover at all. Just 1 in 5 has cover against a specified illness and only 1 in 8 has income protection.   There are a range of affordable options available which can provide a lifeline for individuals and families in times of difficulty.  In 2018, we made payments of €299 million for life insurance, specified illness cover and income protection claims.  That’s an average of €5.75 million a week to people and families affected by illness and death.”
 
The analysis of the claims book shows that Irish Life paid €2.1 million for 48 life insurance claims and €2.2 million for 42 specified illness cover claims in Tipperary. Looking at the national data, the average payment was €75,556 for life insurance claims, €56,787 for specified illness cover claims and €17,312 for income protection claims, although the figures show wide variations in the size of individual claims made.
 
Further analysis of Irish Life’s Retail Claims Book reveals that cancer was again the main cause of life insurance (44%) and specified illness claims (64%) in Ireland. The report emphasises that the number of claims from cancer is increasing, with 11% more cancer related life insurance and specified illness claims in 2018 when compared to 2017.
 
In 2018, Irish Life paid out 2.5 times more ‘living benefit claims’ than death claims. Living benefit claims include lump sum payments for specified illnesses, and regular payments to people who can’t work due to accident or illness while employed.
 
Recent research commissioned by Irish Life* reveals when it comes to families in Ireland they are financially undercovered. Half of people in Ireland have no cover at all, just 1 in 5 has cover against a specified illness and only 1 in 8 has income protection – with 1 in 3 of all adults completely unaware of the availability of income protection. The research also highlights that despite these figures only 1 in 5 of the population believe they have enough savings to get by in the event of serious illness or injury.
 
Gender Variations
The Irish Life claims report showed significant gender variations in relation to life insurance and specified illness claims for 2018. Almost two thirds of life insurance claims were for men (61%) compared to just 37% for women. Heart-related conditions also feature as a main cause of death, with men 3.5 times more likely to die from a heart related condition than women. In relation to specified illness claims, over half (54%) of claims were paid to men and 44% to women.   The report also revealed that women are claiming for specified illness at an earlier age than men; with the average age for female claims just 51 years, compared to 55 years of age for male claims.
 
Examples of claims payments made by Irish Life in 2018:
·         The largest individual life insurance claim of €1,000,000 was paid out to the family of a person in their early 50s who died of cancer.
·         Over €370,000 was paid to the family of a person in their 40s who died of a sudden stroke just a few months after starting a life insurance policy.
·         A specified illness claim was paid to a person in their 40s who had an unexpected stroke a few weeks after starting their cover.
·         Over €400,000 in a terminal illness claim was paid to a person in their 60s who was diagnosed with malignant brain cancer a year after their cover began.
 
*Irish Life Coyne Research conducted June 2018
**Based on Market Share 2018
 
 
Irish Life Assurance plc is regulated by the Central Bank of Ireland.

Keep up-to-date with the latest news from around the county with an epaper subscription from €2.20*