Women are under-insured
Two-thirds of Mum’s have no life assurance
Bank of Ireland Life, today 27th February 2007, reports that almost two-thirds* of women with children of school-going age have no financial protection against unexpected death.
With Mother’s Day just around the corner, recent research by Bank of Ireland Life reveals that Mum’s with children in full-time education are frighteningly under-insured.
And when it comes to having critical illness cover, the experience of Bank of Ireland Life shows that the situation is even more worrying. Just one quarter of the Bank’s critical illness policies are women of parenting age, while just one in three customers with life cover have also protected themselves with critical illness cover.
Commenting on the findings, Brian Grimes, Head of Protection Business, Bank of Ireland Life said; “It is our experience that a larger proportion of men than women take out life assurance and critical illness cover. We believe that this is caused by the combination of the fact that the vast majority of stay-at-home parents are women, and the fallacy that protection is only necessary for those who are bringing an income into the household.
Family Protection is there to provide for the financial consequences of the death or serious illness of a parent. Regardless of whether that parent is bringing in an income, the financial impact on the family can be significant.”
The 2006 census recorded 400,000 people working in the home, of which 96% are women.
The commercial cost of replacing the childcare and house up-keep typically carried out by a stay-at-home parent can be as much as the average industrial wage of €33,000**.
Bank of Ireland Life is one of Ireland’s leading providers of life assurance and critical illness cover. In 2007, the life company paid out over €50 million in death and critical illness claims to almost 700 customers.
An analysis of Bank of Ireland Life’s claims in 2007, show that a massive 59% of critical illness claims made by women were during the prime parenting age group of 25 – 49 years. While over a fifth of death claims (22%) were paid on the deaths of women in the same age group. 77% of female critical illness claims were as a result of Cancer.
Brian Grimes concludes, “Our claims statistics demonstrate that week-in week-out we are paying significant claims to families where a parent has died or suffered a significant illness. We would recommend that all parents consider what funds they would need to cover childcare, education, and household maintenance in the event of the worst happening.
Most of us don’t have sufficient assets set aside to provide for such an eventuality, however there are financial solutions available designed to give parents peace of mind that they will be able to cope financially at such a crucial time.”
*Bank of Ireland Life Market Research, 2007
**Legal & General Market Research, 2004
Public Relations Manager
Bank of Ireland Life
Ph. 01 6172586
Mob. 086 8562929
Illnesses covered by our specified illness policy:
The following illnesses are presently covered by Bank of Ireland Life’s Specified illness policies:
- Alzheimer’s Disease
- Aorta Graft Surgery (Heart)
- Bacterial Meningitis
- Benign Brain Tumour
- Chronic Liver Disease
- Coronary Artery Surgery (Heart)
- Chronic Lung Disease
- Heart attack
- Heart Valve Replacement or Repair
- HIV/AIDS through blood transfusion, exposure to blood and physical assault
- Kidney Failure
- Loss of Hearing
- Loss of Independent Existence
- Loss of Limbs
- Loss of Speech
- Major Head Trauma
- Major Organ Transplantation
- Motor Neurone Disease
- Multiple Sclerosis
- Parkinson’s Disease
- Systemic Lupus Erythematosus
- Third Degree Burns
Some life cover and critical illness policies allow you to include additional benefits to your policy such as: (subject to terms & conditions)
- Absence from Work Benefit – a weekly income is paid out for each you are unable to work due to an illness or accident (after an initial 4 week period)
- Children’s Protection Benefits – children under the age of 18 (21 if in receipt of full-time education) may be automatically covered for reduced amounts of Life, Critical Illness and Hospital Cash benefits.
- Hospital Cash benefit – provides an income for every day you spend in hospital (as long as the stay is at least 3 days)
- Broken Bones Benefit – a lump sum is paid if you suffer a named injury as a result of an accident
- Critical Illness Plus Cover – a percentage of your critical illness cover is paid to you if you have to undergo one of a specified number of operations
New Ireland Assurance Company plc trading as Bank of Ireland Life is regulated by the Financial Regulator and is a member of the Bank of Ireland Group.