Figures revealed by Zurich have revealed that their life cover customers received an average pay-out of €94,000 in 2017. The company paid out €39.6 million in total over the same period.
Life Cover pays a lump sum to the policy holder’s family or other beneficiaries when he or she dies. It is the simplest form of protection available and it is usually taken out to provide for family or to pay off a mortgage in the event of death.
40% of claims made by Zurich customers were for people aged 60 or less and cancer was the principle cause of death – it accounted for nearly half of claims in 2017.
Heart related deaths accounted for 15% of claims and, sadly, suicide (9%) was also a major cause of death.
In terms of serious illness claims, Zurich paid out €19 million last year.
Heart related illnesses account for 29% of male claims with but it was significantly lower for females (12%). Cancer accounts for 61% of all serious illness claims.
If you are self-employed, an accident could very quickly impact on your earnings. Personal Accident Cover is designed to help you by paying a weekly benefit should you be unable to work in your current job due to an accident.
In 2017, Zurich paid out an average of almost €2,400 to customers that had suffered an accident and had been unable to work.
Some of the more interesting pay-outs were made to a pasta chef who was hit in the head with a fridge door (€840), an equine dentist who broke her finger riding a horse (€969) and a plumber who broke his fibia following a kick from a cow (€5,117).
Many people don’t realise how important life insurance and serious illness cover until it’s too late. To get a quote today, visit our homepage to get the ball rolling.
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The Team at Gallivan Financial