Peace of Mind for the Family
At Peavoy Financial Planning we play a key role in enabling people plan for and manage the risks of everyday life. We regularly see the traumatic impact that unforeseen health events can have on families. Having some form of protection in place can provide a security blanket to allow families focus on what really matters, whether this is in the form of financial protection or access to support services or rehabilitation services.
Many people think that it will never happen to them, however in reality this is not the case. A review of the 2018 claims from the 4 Largest Insurance Companies (ie: Irish Life, Zurich, Aviva and New Ireland) can help illustrate this. In 2018 alone these companies paid out just over €281 million in Life Insurance Claims and €127 million in Serious Illness Claims.
Some interesting points to note.
- The leading cause of Life Assurance claims was Cancer followed closely by Cardiac disease.
- Approximately 2 in 3 Serious Illness Claims were for Cancer
- Approximately 3 in every 4 Serious Illness Claims for Females were for Cancer
- 77% of New Ireland Serious Illness Claims were for people aged 59 or under
Examples of some specific Death Benefit claims paid.
- Age 39, policy 3 years in force, died from Heart Attack, €80,000 pay-out
- Age 38, policy 6 years in force, died from Cancer, €251,000 pay-out.
- Age 47, policy 5 years in force, died from Stroke, €70,000 pay-out
Examples of some specific Serious Illness Claims paid.
- Age 28, policy 6 years in force, Cancer, €84,000 pay-out
- Age 40, policy 13 years in force, Stroke €100,000 pay-out.
- Age 50, policy 14 years in force, Cancer, €500,000 pay-out
Every year at Peavoy Financial Planning we see some serious life changing and personal challenges that our customers have to face , along with the value of having a relevant protection plan in place. By as early as next year, the National Cancer Registry anticipates that 1 in 2 people will develop cancer during their lifetime. This is one of the key reasons why we are raising the awareness today of the protection needs of the people of Laois and beyond.
What to do next?
We understand that nobody likes to think about the worst case scenario’s in life but we also need to counter balance that with encouraging people to protect what matters. To find out how you can put an affordable protection plan in place for you and your family please do make contact with us by phone on 087-2902206 or alternatively by e-mail on ei.l1574282821aicna1574282821nifyo1574282821vaep@1574282821divad1574282821.
David Peavoy BA, QFA, LIAP is the Owner of Peavoy Financial Planning whose practice is based in Office 5b, Portlaoise Enterprise Centre, Clonminam Business Park, Portlaoise, Co Laois.
David Peavoy T/A Peavoy Financial Planning is regulated by the Central Bank of Ireland
Disclaimer: All data and information provided within this blog is for information purposes only. It should not be taken as specific advice for your situation. Peavoy Financial Planning makes no representations as to the accuracy, completeness, or suitability of any information and will not be liable for any errors, omissions or delays in this information or any losses, injuries or damages arising from its use