Research Raises the Question: Do We Care About Our Financial Security?

- 33% of Critical Illness claimants were under 40 years of age

New Ireland today (Tuesday, 27th July) highlighted the importance of more prudent financial planning, as the Company's critical illness claims paid out in 2003 rose to a staggering eur9 million, doubling that paid out in 2000.

A survey commissioned by New Ireland shows that when it comes to Life Assurance and Critical Illness products, Irish people have their heads buried firmly in the sand and just don't want to think
about "something that will never happen to me."

New Ireland's research revealed an unwillingness to confront the fact that we might suffer a serious illness at sometime in our life. In response, the company is calling for a major shift in public attitude towards financial planning and urges people to consider the financial impact of a serious illness.

Commenting on the findings Noel Finnegan, Underwriting Manager, New Ireland
Assurance said: "Critical illness is viewed by many as voluntary additional security, something which is nice to have but not really necessary. New Ireland advises to the contrary and believes that the increase in payouts highlights the importance of having critical illness cover, as total claims paid out
are up nearly 30% on last year and have doubled over the last four years."

He continued: " Vast numbers of Irish people have made no financial provision in the event
of their suffering a critical illness and what may come as a shock is the comparatively young average age of claimants. New Ireland's figures further revealed that the average age of male claimants was 46 years, and females 45 years. The average claim amount was just over eur84,000. I would advise anyone taking out a policy to pick up the phone to us. The peace of mind and security of knowing you have adequate coverage is invaluable."

Highlights from the nationally representative research show:

2003 claim statistics released by New Ireland reveal that a frightening 33% of critical illness claimants were under the age of forty, thus enforcing the fact a critical illness can strike at any age.

For claims paid out amongst men, 36% were in respect of heart related illnesses, with cancer accounting for 46%. However, for females a staggering 81% of claims paid out were as a result of a cancer related illness.

Having life and critical illness cover in place is three times higher amongst married people than singles, yet there is no difference in the risk profile between the two. A critical illness can strike any person at anytime. Single people may have greater need to put plans in place to provide financial protection for themselves when they need it most.

34% of the adult population stated that they would consider taking out life assurance or critical illness cover when getting married, 24% when having a child and 16% when starting a new job. While these are all key milestones in our lives, New Ireland advises that it's never too late to put plans in place to protect against the unexpected. However, the earlier you start planning for the future the better. Research revealed that respondents perceived the monthly cost of life and critical illness cover to be a lot higher than it actually is. The reality is that it generally costs less than people estimate, especially for those in the 30-40 age group.

40% of respondents admitted to not really understanding life and critical illness products. Of those surveyed, 62% had some level of life cover or mortgage protection cover in place, but an astonishing 80% of survey respondents have made no such similar provision for critical illness.

Concluding, Mr. Finnegan said: "There are some enduring misconceptions about life assurance and critical illness products. In fact there seems to be something in the Irish psyche, which prevents us addressing potential negatives in our lives. Many of us believe it will never happen to us and put off
Considering critical illness cover for as long as possible. Potential illness is something we put to the back of our minds."

"Our simple message is why not think about it, and address it by making adequate provisions. It will give you peace of mind and, in the unfortunate event of a serious illness striking, will help ease any financial concerns", Noel Finnegan added.

Lansdowne Market Research conducted the survey across a nationally representative sample of people aged 15+. Sixty random sampling points were chosen nationwide.

- Ends -

About New Ireland:

Established in 1918, New Ireland Assurance was the first wholly Irish owned life assurance company to transact business in the country. A wholly owned subsidiary of Bank of Ireland, New Ireland is one of Ireland's largest life assurers, providing a comprehensive range of Life, Pension, Savings and
Investment products. Headquartered in Dublin, New Ireland Assurance employs over 600 people throughout Ireland with offices in 21 locations around the country. New Ireland Assurance Company plc is regulated by the Irish Financial Services Regulatory Authority.

20th July 2004

For Reference:
Jenni Smith
Life and Pensions Product Manager
New Ireland
Tel: 01 617 2575

Anne Mathews
Media Relations Manager
Group Corporate Communications
Bank of Ireland
Tel: 01 604 3836