The Real Value of Lifecover and Specified Serious Illness – Claims Analysis

Think it won’t happen to me?  Maybe it’s time to think again!

You might believe you are too young to look at things such as life cover, specified illness cover or protecting your income.  We all like to think we will always be there to take care of our family’s needs – but unfortunately that’s something nobody can guarantee.  Life is unpredictable and we never know what is going to happen next.

Irish Life, the largest insurer in Ireland has just released its death and specified illness claim statistics for 2015. 

€204 million in claims paid to customers in 2015 

Death Claims

  • €103 million paid out for families of 1,551 people who died.
  • The average payment was €66,462.
  • Cancer was the biggest cause of death claims.
  • Higher percentage of women (48%) died from cancer than men (39%).
  • Over 1 in 3 death claims for people under 40 were due to accidents.

Specified Illness Claims (SIC)

  • €48m was paid out in 763 Specified Illness Cover claims.
  • 40% of claims were to people under age 50.
  • Men made up over half of Specified Illness claims, with women making up 42%.
  • Breast cancer was the number 1 overall cause of all Specified Illness claims.
  • For men, propstate cancer was the main cause of cancer related claims.

*Irish Life 2016

The good news is that you can take action to identify your current requirements, review your exisiting cover or indeed identify any shortfalls you may have.  At Money Plus, we provide trusted advice to identify your financial concerns.  Contact us on 071 919 4000 to ensure that you have adequate cover should the unexpected happen.

Think it won’t happen to me? Maybe it’s time to think again!