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


Laura Erskine
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:

  1. Alzheimer’s Disease
  2. Aorta Graft Surgery (Heart)
  3. Bacterial Meningitis
  4. Benign Brain Tumour
  5. Blindness
  6. Cancer
  7. Cardiomyopathy
  8. Chronic Liver Disease
  9. Coma
  10. Coronary Artery Surgery (Heart)
  11. Chronic Lung Disease
  12. Heart attack
  13. Heart Valve Replacement or Repair
  14. HIV/AIDS through blood transfusion, exposure to blood and physical assault
  15. Kidney Failure
  16. Loss of Hearing
  17. Loss of Independent Existence
  18. Loss of Limbs
  19. Loss of Speech
  20. Major Head Trauma
  21. Major Organ Transplantation
  22. Motor Neurone Disease
  23. Multiple Sclerosis
  24. Paralysis
  25. Parkinson’s Disease
  26. Stroke
  27. Systemic Lupus Erythematosus
  28. 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.