A delve into Irish Life's latest claims statistics shows just how invaluable life cover can be for those affected by death, illness, and injury.
Talking about life insurance isn’t exactly the most exciting of conversations. And for many of us, thinking about illness, injury, or even death is something we’d rather avoid altogether.
But as uncomfortable as the topic might be, having adequate life cover in place is one of the smartest financial decisions you can make: both for yourself and for your loved ones.
That's because the reality is that many of us will face health challenges before we reach retirement age such as a serious illness that requires expensive treatment or a condition that stops us from working for months (or even years). So a life insurance policy can be a financial lifeline when you need it most.
Yet many of us are under-insured or have no cover at all.
It probably doesn't help that there's a common misconception that life insurance only pays out if you die. And even then, some people worry whether the insurer will actually honour the claim.
But as new figures from the Irish Life 2024 Protection Claims Report show, this is not the case. Life insurers pay out on thousands of claims each year, amounting to hundreds of millions of euro.
Another eye-opening takeaway from the Irish Life report is that a large chunk of the claims — nearly two-thirds — were for so-called living benefits. These include: specified serious illness cover, which pays out a lump sum if you're diagnosed with a serious condition like cancer, stroke, or heart disease; and income protection, which provides a regular income if you're unable to work due to illness or injury.
So if you've ever wondered whether getting a life insurance policy was really "worth it", these stats might help you make up your mind...
Irish Life claim stats for 2024
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€379.7 million was paid out in protection claims by Irish Life in 2024 alone, covering 7,804 individual cases.
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Over 99% of death benefit claims were approved. One payout even reached €4.9 million!
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Almost 93% of serious illness claims were paid out.
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A significant 63% of all payouts were for living benefits—meaning people received financial support while still alive, often due to illness or injury.
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The average specified illness claimant was just 54 years old, with payouts averaging nearly €60,000.
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For women, the top cause of serious illness claims was malignant breast cancer; for men, it was malignant prostate cancer.
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Irish Life paid out 3,086 income protection claims last year, averaging €20,744 per claim. The average age of these claimants was just 47.
All these stats aren’t abstract numbers. They represent real people—parents, partners, workers—and demonstrate just how valuable life cover can be.
Why don’t more of us buy life cover?
Despite the clear benefits, life insurance remains something that many people don’t prioritise—or even fully understand.
Some of the most common reasons people put off getting cover include:
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Believing it’s expensive (it often isn’t)
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Thinking they’re too young to need it (the earlier you buy, the cheaper it usually is)
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Not understanding the range of cover available
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Feeling overwhelmed by complex jargon or application forms
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Assuming claims won’t be paid
But as the latest data shows, insurers like Irish Life do pay out—consistently and in large amounts.
Making life insurance easier with bonkers.ie
At bonkers.ie, we know life insurance isn’t an easy topic. But we also know how essential it is for providing financial peace of mind for individuals and families across Ireland.
That’s why we’ve built an award-winning, digital-first broker service that makes getting cover quick and easy.
Here’s what sets us apart:
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We work with all five of Ireland’s leading life insurers, giving you access to a full range of products and prices in the one place.
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Our service is completely free for consumers — there are no hidden fees or surprises.
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We use the latest technology to make the entire application process as seamless as possible.
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In some cases, we can even get you covered in under one hour.
So whether you’re looking for basic life cover, mortgage protection, serious illness cover, or income protection, we can help you compare your options clearly and apply with confidence.
