Critical illness pay-outs double in four years

CRITICAL illness insurance payouts have doubled in four years.

New Ireland, a subsidiary of Bank of Ireland, said that last year it paid out €9 million to people who have suffered serious illnesses, such as cancer or heart disease, and that this figure was double what it was paying out four years ago.

It said the vast number of people have no policies in place to cover critical illness and they are doing so at their own risk. Research carried out by New Ireland found that the number of pay-outs it is making rose by 30% in 2003 and the figure is continuing to rise.