Monday 23 January 2017

Irish Life paid out €1bn to 30,000 last year on policy claims

Charlie Weston Personal Finance Editor

Published 14/02/2011 | 05:00

MORE than 30,000 families shared payouts totalling €1bn from Irish Life last year, after making claims on policies that covered them when they got ill, a member of the family died or they lost their jobs.

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Breast cancer was the single biggest cause of claims for those who have specified illness cover.

It is not just older people who benefited, as one-in-three specified illness claims were made by people aged 40 and under.

Men are more likely to die of a heart condition than women, and 10 times more likely to claim for heart problems than their female counterparts.

Irish Life head of claims Martin Duffy said: "These figures are extraordinary, and show how important it is for people to have protection plans if they want to ensure their families are financially secure in the future. One-in-four people will suffer a serious illness, such as a heart attack or malignant cancer, while one-in-10 will die before they reach retirement age."

The statistics from Irish Life show that the average payout was €65,000.

The largest payment was €1.19m to a family of a man in his early 60s who died of bowel cancer. And €875,000 was paid to a family of a man in his 40s who died of bone cancer.

Road traffic accidents accounted for almost a quarter of accident-related claims in 2010. Some 11pc of total accident claims settled by Irish Life last year involved alcohol.

Irish Independent

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