Cancer behind most of 2011’s life assurance payouts

Cancer was responsible for almost half of life assurance pay-outs last year, according to new figures, while alcohol played a significant role in a number of accident cases, something Irish Life said was “worrying”.

Information published by the company shows that the disease was behind 44% of life assurance claims in 2011 and was responsible for two-thirds of serious illness claims.

Accidents accounted for just 11% of death claims settled, resulting in a total pay-out of €15 million.

The figures show that in accident-related claims, 40% involved a person under the age of 40, while one in seven accident cases involved alcohol.

In total, Irish Life paid out €81m last year on 1,311 death claims, equating to an average of €62,000 per claim.

On Serious Illness Claims, it paid out €36m on 603 claims, an average of €59,000 per claim.

Cancer was responsible for the largest number of claims, with breast cancer accounting for 28% of claims settled, prostate cancer behind 8.5% of claims and colon cancer responsible for 4.8%.

Almost 60% of life claims involved men, with the highest number of claimants in their ’50s and ’60s. The average time the cover plan was in place before the claim occurred was 14 years.

While cancer accounted for most life claims, heart-related conditions accounted for 18% of death claims.

The company also paid out on 141 life cover claims as a result of an accident, with five accidents having occurred in the workplace and 20 on the roads.

Alcohol was a factor in one in seven accident deaths, and Irish Life head of underwriting and risk benefits, Martin Duffy, said: “Alcohol continues to feature as a factor in our accident-related claims, a trend which has been consistent for the past number of years, which is worrying.”

He added that many families may not have adequate cover and stressed the importance of taking out cover at an earlier age.

The company covered 1,000 people a week on new protection plans last year.