Bank of Ireland Life paid out life insurance payments of over €110m last year according to their 2015 claim statistics.
This included life cover payments of almost €71million, specified serious illness claims of €26.75million, income protection claims of almost €9.5million and terminal illness payments of €3.67million.
The top three conditions for life cover claims by individuals were cancer (44%), heart (16%) and respiratory (8%). Over one in four (28%) income protection claims are related to Psychiatric illness with a similar proportion (26%) related to Musculoskeletal issues and one in five (18%) related to Cancer.
The average claim by individuals for life cover in 2015 was €54,326, with 62% of claims related to men. This compares with an average claim of €56,792 in 2014. The average claim by individuals for serious illness in 2015 was €69,533 (€68,264 in 2014), with 56% of claims related to men.
Head of Customer Propositions at Bank of Ireland Life, Brian Grimes commented, "Bank of Ireland Life has paid out €591 million in overall claims over the last 6 years. In 2015, almost €71million was paid out in life cover claims, which is an increase from about €57million in 2010. Across life cover, serious illness and income protection we paid out more in 2015 compared with 2014."
Source: www.businessworld.ie