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
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.