Life assurance companies in Ireland are saying that there has been a significant increase in death claims in 2010 and in those death claims caused by suicide. Furthermore there appears to be a definite link between stress and depression related illnesses and those occupations most affected by the recession.
+ 10% increase in life assurance death claims in Ireland in 2010
+ 10% increase in the amount paid out as a result of suicide in 2010
+ 55% increase in income protection claims in 2010 which related to psychiatric conditions, including depression.
There has always been a need to secure the family’s finances against ill-health and premature death. Dropping life assurance and income protection plans is a particularly bad strategy strategy during a recession. There may be ways to preserve the level of protection at a reduced cost.
The Loan Arranger
Good Financial Housekeeping