Bank's latest Life Insurance results have some interesting statistics
BOI Life have today released their 2016 claim statistics which show the Bank paid out life insurance payments of over €105 million last year.
Highlights include a big rise in accident related claims paid out and surprising to see 75% of income protection claims are in respect of women.
- Life Insurance claims account for €66 million
- Specified serious claims account for €26 million
- Income protection claims were €10 million
The figures show that the average claim by individuals for life insurance 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%).
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.
75% of claims for income protection were paid to women last year.
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%
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.