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Why isn’t Ireland better protected?

Over the last few months, COVID19 has taken the world by storm. It has made individuals question their own health condition. It also makes those people look at options available to provide protection in the event of death or illness.

Whether it’s underestimating the chances of getting seriously ill or low awareness of cover available, people in Ireland are under-covered just see some of the stats below;

  1. People in Ireland are 3 times more likely to have a serious illness than die before 65.*
  2. 1 in every 3 isn’t aware of the availability of income protection, or what it covers.*
  3. Just under 1 in 5 has cover against serious illness, while almost 1 in 2 has no cover at all, not even life insurance.*

We decided to look at some of the reasons why people avoided taking out life & serious illness insurance and again some of the responses were interesting;

  1. Irish people believe only 51% of life insurance claims overall are paid, yet Irish Life paid 95% of their Life Insurance and Specified illness claims in 2017.*
  2. The expected cost of life insurance in some cases was nearly double the actual cost of what a plan would cost. *

At the moment in the market, there are a number of really excellent policy benefits with some life and serious illness products. Some of these include; protection flexibility, children’s cover, hospital cash cover, accidental death benefit, guaranteed insurability, inflation protection, and guaranteed cover again.

If you can considering taking out life or serious illness plan don’t hesitate to speak to us today and we will guide you through some of the options available in the market.

* Source of research: Coyne Research December 2017 based on 1,000 adults.