It could be you! Chances of winning the Lotto are 8 million to 1, unfortunately...... | Jameson Financial

It could be you! Chances of winning the Lotto are 8 million to 1, unfortunately......

....the chances of you being diagnosed with a serious medical condition before the age of 50 are much greater than you think. In 2013 New Ireland Assurance Co. paid out €27 million in serious illness claims of which 42% were for people under the age of 49. The trend continues with income protection insurance (an income is paid as opposed to a lump sum), where 65% of claimants were in the same age category. On the other hand this grouping accounted for only 14% of death benefit claims.

It is obvious, therefore, that if you are in the under 50 age category there is a much greater chance of you benefiting from a serious illness or income protection policy than a life assurance one. 

Here's a sample of claims paid by New Ireland Assurance in 2013;

28 year old catering assistant paid €100,000 after being diagnosed with a brain tumour

27 year old engineer paid €21,128 (income protection) when depression prevented him from working

30 year old home-maker paid €2,000 for maternity stay in hospital

41 year old Garda paid €5,244 in accident benefit 

A death benefit of €100,816 was paid to the family of a swimming instructor who died after suffering a serious stroke

Winning the Lotto would be infinitely more appealling but in the absence of that happening, now might be the time to make sure you are financially prepared in the event of suffering income loss due to a serious illness.