7 March 2016
By Bryan T. Smyth
Facts & Figures from the report
Irish Life, one of Ireland’s largest life insurance companies, has published its annual claims report which shows that cancer remained the leading cause of death and illness in Co 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.
Comment from Irish Life
Gerry Hassett, Managing Director, 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. “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.