Irish Life: Level of life insurance still insufficient for most

The average claim for life insurance last year was just over €71,500.

However a number of "super-claims" were paid out last year by Irish Life.

They made payments of over €1m each to the estates of six customers who passed away last year.

The payments included one of €5m - the highest claim paid on a life policy in over seven years.

Irish Life head of claims Martin Duffy says the huge payouts reflect insurance policies from the boom years.

But he warned the level of life insurance taken out by most Irish people is still insufficient.

“There is certainly some evidence customers are looking to reduce or stop their premiums but I would be very nervous about somebody stopping a premium or a plan without seeking financial advice.

“It’s very important that they talk to their insurer, seek about reducing their premium and thereby level of cover but at least it’s still cover.”

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