Bank of Ireland Life has released its 2016 claim statistics, revealing the Bank paid out life insurance payments of over €105,385,473. These included life cover payments of over €66million, specified illness claims of €26.39million and income protection claims of almost €10.2million.
The average claim by individuals for life cover was €52,400 in 2016 with 63% of claims related to men. Accidents replaced stroke and moved into the top three conditions for life cover for the first time, having more than doubled from just 2% in 2015 to 5% in 2016. Joining accidents in the top three conditions for life cover claims by individuals were cancer (57%), which increased by 13% in 2015, and heart (14%).
The average claim by individuals for specified illness in 2016 was €69,898, with 54% of claims related to men. Cancer related illness claims increased by 3% and heart related claims decreased by 3% from 2015 figures.
Almost one third (30%) of income protection claims are related to mental illness, with the same proportion (30%) related to musculoskeletal issues and one in five (19%) related to cancer. Over two thirds (75%) of claims for income protection were paid to women last year.
Tom Matthews, Head of Customer Propositions, Bank of Ireland Life commented: ''Insurance companies are there to pay valid claims and support people at the most vulnerable points in their lifetime. It is in everyone's interests to protect their families against the financial difficulties that are caused by an unexpected illness, accident or death.
"Unfortunately life can throw unpredictable challenges our way at any stage, for example our 2016 claims statistics show that income protection claims saw the youngest ever claimant – at 23 years old."
Tom Matthews concluded: "We would encourage people to think about what provisions, if any, they have in place. Taking the time to think about what how much you might need to financially protect you and your family could be one of the most important things you do."