2016 Specified Illness Statistics | Jameson Financial

2016 Specified Illness Statistics

New Ireland Assurance Co Paid out €26,285,733 in Specified Illness claims in 2016. There were 409 claims submitted and of those 49 were declined which is just over 10%. The breakdown of those declined is as follows: definition not met, 34; non-disclosure of material facts, 8; and not a covered condition, 7. Interestingly, of the 1129 Death claims submitted to the same company only 4 were declined which is less than .4%. Cancer accounted for the highest percentage of Specified Illness claims at 61% followed by heart at 11% and neurological/stroke at 9%. The youngest claimant was 27 while 80% of claimants were aged 59 or younger. Here is a sample of some of the claims paid: 51 year old, cancer diagnosis €566,000; 44 year old,  cancer diagnosis €500,000; 33 year old, multiple schlerosis €314,000; 32 year old, testicular cancer €120,000. His policy was less than one year in force.

One of the most important things about Specified Illness cover is that it should be effected while you are still in good health. It can be well nigh impossible, or prohibitively expensive, to take out after you suffer an adverse health event.