Female Claim Statistics – An Insight

A recent article I read regarding claim statistics with Irish Life for females only made me think – do women have enough cover?

Families in modern Ireland can often be very different from the traditional family structure and more often than not, both parents work, or can be self employed, single parent, or part time work.
The focus of this article is on females and claim statistics for life cover and illness cover in the first half of 2018 and I have summarized the statistics the article reported on below & included statistics from Zurich as well

Life Cover

  • Of the 945 death claims paid in the first half of 2018, 343 were female – just 36% of the total
  • Only 1 in 4 death claims on female lives were for over €100,000, with 42% of claims being for less than €25,000
  • 3 death claims paid in the first half of 2018 on women where the amount paid was over €500,000
  • 23% of death claims on women were on those aged between 41 and 60 – it is very likely that, on average, these women probably had dependant children and significant financial commitments.
  • Irish Life paid 27 terminal illness claims in the first 6 months of 2018 – that is one every week. The total value of these were €2.2 million, with the average claim amount being €81,000 and average plan duration of 11 years; the average age of the seven female claimants was only 50

 

Illness Cover

  • Top conditions under which claims were paid continues to be
    • Malignant cancer (66%)
    • Heart related (18%)
    • Stroke (7%)
    • Multiple Sclerosis (1%)
  • 206 of the specified illness claims paid were on adult women (46%)
  • 38% of Illness claims on women were on those between 41 & 50 and 34% were aged between 50 & 60, so over 70% of claims on female lives were for ages when women undoubtably had substantial financial and/or family obligations
  • Less than 1 in 5 illness claims on female lives were for over €100,000, with 23% of these claims being for less than €25,000

 

  • In 2017 from a report with Zurich, the top conditions which claims were paid were
    • Cancer (77%)
    • Heart related (12%)
    • Multiple Sclerosis (4%)
    • Stroke (2%)
  • 31% of these illness claims were from women aged between 41 & 50, and 38% of the claims were aged between 51 & 60
  • 77% of all female claims were related to cancer and over half of total related to breast cancer

 

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Thanks for reading,

Karen

 

Statistics are from Irish Broker Magazine & Zurich broker website

 

Karen Cantwell, 4.12.2018 | Posted in News