Business Irish

Saturday 26 May 2018

Irish Life pays out more than €1m a week to ill workers

Tony Lawless of Irish Life
Tony Lawless of Irish Life
Louise Kelly

Louise Kelly

Over 3,000 employees in Ireland received income protection payments worth a total of €57m from Irish Life last year.

The biggest payout of income protection in 2017 by the company amounted to €297,000, and the average annual benefit paid was €22,659.

The insurance and pensions firm, which paid more than €1m weekly to those injured or unfit for work in 2017, said that the data provides an insight into the health of our working population.

Income protection payments are made in direct correlation to the amount of the policy owner's salary at the time of claiming.

Back pain and mental health were the main reasons for the 3,323 individual claims, both accounting for one-fifth of total claims each, followed closely by cancer, which made up 17pc of all claims.

The data review also revealed that the average age for men who made claims was 49 years, compared to an average age of 46 for female claimants.

Claims made by men for mental health problems dropped 4pc in the 2011-2014 period to 22pc over the 2015-2017 time span.

Female claimants also made fewer claims in this category over the same period, falling from 22pc to 19pc.

Tony Lawless, managing director of Irish Life Corporate Business, said that these reductions could be a result of better awareness and acceptance of mental health problems in society and by employers.

"With a global trend focusing on health and wellness, thankfully most people are more alert to early warning signs when it comes to their health," Mr Lawless said.

The number of cancer claims over the period 2015-2017 also fell from 19pc to 17pc, a trend attributed to continued improvements in early detection and treatment. In contrast, claims for injuries jumped from 8pc to 11pc over the same period.

The Irish Life data also showed that, between 2015-2017, 2,474 people who claimed income protection had made sufficient recovery to return to work.

Mr Lawless said that the company supported claimants in this process, increasing the chances of people successfully getting back into employment.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business