€2.8m paid out in death benefits on 35 farmers

Figures produced for FBD Financial Solutions by Irish Life show €2.8m was paid in respect of death claims on the lives of 35 farmers last year, and a further €884,000 went to 14 farmers for specified illness cover claims.

The average age of death was 62 years, and 94% of claims were in respect of men,

Death claims included €500,000 paid to the dependants of a farmer in his mid-40s who died of heart failure, and whose life policy had been in force for little more than three years.

After a farmer in his early 50s died from neurological disease, €130,000 was paid to his dependants.

The average death claim was €80,790, and the average specified illness cover claim was €63,158.

Just over half of all claims to farmers last year were as a result of cancer. One in four were the result of heart-related conditions, while one in 12 was the result of an accident.

Brendan Lee of FBD said that the figures show the importance for farmers to ensure their dependants are financially secure in the event of serious illness, or even worse, an early death.