There is a common misconception that insurance companies don’t pay out on claims, especially when it comes to life insurance. This myth can deter people from seeking the protection they need for themselves and their families. In this blog post, we will debunk this myth by examining the facts and sharing the truth about life insurance companies and their commitment to paying out claims.
Life Insurance Companies and Their Commitment to Paying Claims
Life insurance companies have a strong interest in paying out as many claims as possible. This commitment is supported by yearly claim statistics. There are five major life insurance companies in the Irish market, and each year they individually release their claim figures and statistics. To illustrate the commitment of life insurance companies to pay claims, let’s examine the figures from one company in 2022:
Cancer continues to be the number one cause for claiming, and on average, over €6 million was paid out weekly in 2022 by this life insurance company.
Focusing on Munster as an example, the figures show:
There are two main reasons why a life insurance company may not pay out a claim:
Over the last five years, this life insurance company has paid over €1 billion in claims, demonstrating their commitment to protecting policyholders and their families.
The myth that insurance companies don’t pay out on claims has been debunked. Life insurance companies are dedicated to paying out claims and providing financial protection for their policyholders. If you are in need of life insurance or specified illness cover, or if you want to review your existing cover, don’t hesitate to contact a trusted financial advisor. Remember to always disclose all relevant information when applying for coverage to ensure that your claims will be paid out when you need them the mos