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8 Mar, 2018

€39+ Million Paid Out in Life Insurance Claims in 2017

You take out Life Insurance for security. It gives you peace of mind for your family’s future.

Then it happens and you have to make that call to make the claim. It’s only really then that you are glad of the protection plan you have in place.

Life Cover pays a lump sum to your family of beneficiaries if you die. It is the simplest form of protection available  and it is usually taken out to provide for your family or to pay off your mortgage in the event of death.

In 2017, Zurich paid €39.6 million in death claims with an average payout of approximately €94,000.

Here are some really interesting facts from Zurich relating to claims in 2017.

  • Total amount of life and serious illness claims paid out was €58 million.
  • Life Insurance claim amounted to €1,277,890.
  • Cancer and heart related to deaths accounted to 61% of all death claims in 2017.
  • Average claimant was 63 years old.
  • Serious illness cover claims
  • Largest claim amounted to €687,320.
  • Cancer accounts for 58% of all serious illness claims in 2017.
  • Average claimant was 50 years old.
  • 47% of all male claims were related to cancer.
  • Followed by heart related illness at 29% of male claims.
  • 77% of all female claims wow related to cancer.
  • Over half of total related to breast cancer.
  • Hospital Cash Claims
  • The average payout was €1,137.
  • Personal Accident Cover Claims
  • Largest claim amounted to €20,055.
  • Average paid was €2,371.
  • Males account for 76% of personal accident claims.

At Zurich, 40% of claims were for people aged 60 or less. Cancer is the principle cause of death and it accounted for nearly half of Zurich death claims in 2017. Cancer and heart related deaths accounted for 61% of all death claims in 2017.