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Importance of life insurance revealed

Importance of life insurance revealed

Category: Life insurance

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The importance of life insurance and critical illness cover has been highlighted after it was revealed a quarter of people will suffer a serious illness before reaching retirement age.

New figures from Irish Life also confirm that statistically one in ten people will die before they retire.

It is feared that with the recession having hit consumer's pockets hard, some people will choose to put off buying life insurance or even cancel existing policies.

"In the current economic environment, it is more important than ever that people continue to make payments into their protection plans," said Martin Duffy, Head of Claims at Irish Life.

"Unfortunately, one in ten of us will not live to see our retirement so it's crucially important that we have adequate financial support in place for ourselves and our families should the unexpected arise."

The figures also revealed that for the fourth year in a row, malignant cancer remained the biggest cause of both specified illness and death benefit claims for both men and women.

Men were found to have five times the level of heart-related specified illness claims than women.

Overall, malignant cancer and heart-related disease accounted for 80% of the claims settled by the insurer. have partnered with Torquil Clark Life Insurance to help you find the best life insurance deal.

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Under no circumstances should you cancel an existing life insurance policy until a new one has been arranged. Torquil Clark Life Insurance is a trading name of LifePolicies Direct Ltd which is authorised and regulated by the Financial Services Authority.

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