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73% are not adequately financially protected in the event of serious illness - Aviva Survey
Three in Five in Ireland say Life has become more uncertain

 

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According to the survey, just one in ten (11%) Irish consumers has a specified illness policy.  It also found that 73% do not believe they or their families would be financially secure should they be diagnosed with serious conditions such as cancer or heart disease.

 

Just 40% have life insurance cover and two thirds (66%) say they do not feel they have adequate protection in place for their dependants in the event of their death.

Last year, Aviva paid out €8 million to their customers in Ireland with Specified Illness cover: €4.6 million to women and €3.4 million to men.  The amount was up from €6.5 million in 2013, reflecting the increase in their customer base.   In the majority of cases, cancer was the cause of the claim at 63% with heart disease at 20% being the next biggest category of illness.

 

In the case of life assurance claims, Aviva Ireland paid out €43.4million, up from €38million in 2013.   The cause of death in 52% of cases was cancer and cardiac related in 19% of cases. Death by suicide was the cause in 6% of cases, up from 4% in 2013.

 

The survey found that concern for their family was the clear motivation for Irish consumers who have protection products. Among the factors prompting their decision was having children, buying a property and wanting to leave more money to their family in the event of their death.

 

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LABrokers became Ireland's first online discount broker in 1997. We specialize in selling discounted insurance products to residents of the Republic Of Ireland.

Our chief executive is John Geraghty, who has many years experience of looking after the Life Insurance, and related insurance requirements, of clients from all over Ireland. Our foundations are firmly based in our successful "real world" insurance brokerage practice in Greystones, Co. Wicklow.

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