Cancer remains main reason for insurance claims
The Irish Life insurance company has said that cancer remains the dominant reason for life insurance and serious illness cover claims in Ireland. The company who paid out a total of €168 million in claims in 2013 have said that the disease accounted for a total of 44% of all its life assurance claims and 58% of specified illness cover claims last year.
Breast and prostate cancer were the main types of cancer claims made to Irish Life in 2013.Breast cancer accounted for over 50% of all specified illness cover claims to the company last year. Prostate cancer represented 34% of specified illness cover claims for men. Cancer accounted for more than half of life insurance claims for women and 41% for men.
The biggest of these insurance claims that was paid out paid out by Irish Life in 2013 was more over €1 million to a gentleman in his 50s, while the largest claim paid out for a female was almost €800,000 for a woman in her 50s. In regard to specified illness cover claims, the largest payment was €1.1m to a man in his 40s for cancer, while €380,000 was paid to a woman in her 40s, also for cancer.
Irish Life Retail managing director Gerry Hassett has said “The scale of the life insurance and specified illness cover claims paid shows that it is crucially important for people to look after the interests of their dependants.” Mr. Hassett went on to say “It also makes financial sense when you consider that a healthy 30-year-old non-smoker will pay just under €38 per month for €100,000 life cover and €100,000 Independent Specified Illness cover, assuming a 20-year term.”