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Irish Life pays €168m

CANCER is the main reason for claims made for life insurance and serious illness cover, a breakdown of payouts made by Irish Life shows.

The company said it paid out €168m in life insurance and specified illness claims last year.

Cancer accounted for 44pc of life assurance claims and 58pc of specified illness cover claims to Irish Life in 2013.

More than half of life insurance claims for women were related to cancer and 41pc for men.

With men, heart attack-related claims are the big ones.

The percentage of heart-related conditions for men was double the rate for women.

The figures come from an analysis of the claims book of Irish Life and Canada Life. The Canadian firm took over Irish Life last year and the combination of the two companies created the largest life insurer in the market.