Cancer remains the leading cause of death and illness in Cork as Irish Life pays out over €12.7 million in claims during 2015
- Over €7.4 million was paid out by Irish Life Insurance for families of 140 people who died;
- €5.3 million paid to Specified Illness Cover claimants;
- Cancer was the biggest cause of claims in Cork accounting for 49% of all claims.
The average age of death claims in Cork was 67 years and 54 years for Specified Illness claims.
In March 2016 Irish Life published its annual claims report which shows that cancer remained the leading cause of death and illness in County Cork during 2015. Over €12.7 million was paid out in Life Insurance and Specified Illness claims in the county with cancer accounting for 49% of the claims. These figures are part of an overall national analysis of the illnesses and conditions that led to payments of over €204 million for 5,500 customers and their families affected by illness and death during 2015.
The report confirms that Irish Life paid over €7.4 million for 140 Life Insurance claims in County Cork and a further €5.3 million for 95 Specified Illness claims. Cancer was again the main cause of both Life Insurance (34%) and Specified Illness claims (72%), with heart related conditions accounting for 14% of deaths and 12% of Specified Illnesses.
In 2015 the average age of our Life Insurance claims in Cork was 67 years, while the average age of those with Specified Illness claims was 54 years.
Irish Life Retail said that the scale of the claims paid out by Irish Life during 2015 highlighted how important it is for people to protect themselves and their families. A spokesman for Irish Life stated “When you consider that we paid out an average of almost €4 million a week to people and families affected by illness and death, and that 40% of our specified illness claims were to people under 50 years of age, it really shows how insurance can help ease the financial burden for families at difficult times,” he said
As part of the report Irish Life highlighted that many people diagnosed with a terminal illness, likely to lead to their death within 12 months, may not realise that they may be eligible to claim some, or all, of their Life Insurance benefits before they die. Irish Life highlighted this issue as it had noticed an unexpected reduction in the number of terminal illness claims paid in 2015.
Head of Underwriting and Protection Claims confirmed that Irish Life paid 95% of all claims it received last year and that most of the small number of claims it declined were due to non-disclosure of medical information or the illnesses not being covered. In addition he highlighted that people tend to be very surprised how quickly many claims are now paid, with 3 out of every 4 Specified Illness claims being paid within four weeks of Irish Life receiving the completed claim forms.
Examples of Irish Life Claims Paid Nationally in 2015
- The largest Life Insurance claim of €938,000 was paid out to the family of a claimant in his 50s who died of colon cancer
- €624,000 in Life Insurance was paid to the estate of a claimant in their 50s who died of cancer
- The family of a claimant in their 30s who died of breast cancer received €370,000 in Life Insurance on a plan that had started within a few years
- The earliest Specified Illness claim paid was to a worker in their 30s who had a heart attack just weeks after their cover started and received a payment of €70,000
For information on Life Insurance cover or to arrange an appointment for a free full financial review please contact:
Anne O’Doherty, Head of Life and Pensions, Quintas Wealth Management
Mobile: 086 0269448
email: anne.odoherty@qwm.ie
