Income protection – Interesting claims statistics

June 27, 2012
When you are organising any type of insurance for yourself or your family, you need to know that if you need your policy, it will be there to help you.  The following are some interesting claims statistics from Friends First on their income protection claims in 2011.

In 2011, Friends First paid out a total of €28.1 Million in income protection claims to 1,218 people claiming from their income protection policy.  26% of these claims were as a result of orthopedic / back injury claims and 22% were for psychriatric claims.  This shows that nearly HALF of all income protection claims paid out by Friends First in 2011 were as a result of back problems and stress related issues – both very common conditions in Ireland.  The next 2 biggest reasons to claim were cancer at 14% and cardiac issues at 8%.

35% of the claims in payment have been receiving benefit from their income protection plan for over 5 years.

One of these claims is being paid to a 55 year old pilot who, at the age of 45, suffered heart problems.  He had only started his income protection plan 3 years earlier.  By the end of 2011, Friends First had paid a total of €563,000 to this individual.  Imagine how this person would have survived financially without an income protection plan.  How would you survive financially if your income stopped due to an illness, accident, disability or injury?

Did you know that you do not pay the premiums for your income protection plan whilst you are claiming from it?

Contact a professional Med Protect advisor today on 1890 254 000 or fill in the quote request form here and we can guide you through securing you and your family’s income.