Do life companies pay? Life and illness claim statistics in Ireland
People are often sceptical with regard to insurance, especially in Ireland. Having worked in the insurance industry in Ireland and in the US , I have been fortunate enough to see first hand the difference delivering a cheque makes to a family and the peace of mind that comes with proper conversations around one’s ‘needs’ .
It is human nature to more readily share and recall negative experiences, in an effort to provide clarity, I have detailed real statistics on life and serious illness payments made to Irish families. The good news is that a lot of families are protected and life companies consistently honour their promise to pay.
A Few Facts & Figures From 2019
In 2019 alone, New Ireland (just one of the market providers) paid out 380 death claims and 1253 illness claims for a total of €93, 474,206.11.
Royal London Group paid out 99.7% of ALL claims made, with an average claimant age at death of just 56 and illness of 49.
New Ireland paid €310,237 out on a policy that was in force for less than one year on a 33 year old in a traffic accident.
Zurich Life reported 39% of claims were claimants aged 60 years or less with cancer as the principle cause.
Aviva paid 2,168 claims out across life, illness and income protection, with the average income protection claimant just 46 years of age.
(New Ireland claims)
(Zurich claims)
Richard Jones of Aviva Life & Pensions Ireland has said “We continue to see significant volumes of claims across our protection products of life, specified illness and income protection on an ongoing basis. The old adage of ‘it will never happen to me’ unfortunately does happen for many and, for those who have the foresight to protect themselves, save both themselves and their families the additional burden of financial woes. Our youngest claimant over the period was only 26 years of age and the oldest, only 64 years of age. ”
Sources for the above data: Zurich Aviva Royal London New Ireland
Queries on the above or have interest in securing protection? Contact me anytime.
Rachel O’Shea, Protection Manager