€117.9 Million in Claims: Why Protection Matters More Than Ever
Life is full of uncertainties. At Financial Planning Matters, we believe that while you can't always predict what life will throw at you, you can prepare for it. Two essential tools in that preparation are Income Protection and Life Cover - the financial safety nets that ensure you and your loved ones are taken care of, no matter what happens.
Real People, Real Claims: What Aviva’s 2024 Data Tells Us
Aviva Life & Pensions Ireland recently released its 2024 Protection Claims Report, and the numbers tell a compelling story.
Protection in Numbers – Aviva’s 2024 Claims at a Glance:
💶 €54 million paid in Income Protection claims to over 2,200 people
👨👩👧 €63.9 million paid in Life Cover claims to 489 families
✅ 98% of Life Cover claims were paid successfully
✅ 92% of Income Protection claims were approved
⏳ 7.5 years - the average length of an Income Protection claim
👩⚕️ 53% of men and 61% of women who claimed Income Protection were under 50
💭 Top 3 reasons for Income Protection claims:
→ Psychological illness (30%), Orthopaedic issues (24%), Cancer (20%)👶 Youngest Income Protection claimant: just 22 years old
🎗 50% of all Life Cover claims were due to cancer
💰 €1.4 million - the largest Life Cover payout in 2024
Let that sink in. Thousands of people across Ireland had their financial stability protected- many for years on end - because they had cover in place before life changed unexpectedly, and these figures are just for Aviva.
These aren’t just statistics. They’re teachers, accountants, tradespeople, young parents, entrepreneurs. People who planned ahead - and reaped the benefits when they needed them most.
Why It Matters
🧑💼 For Professionals in Their Peak Earning Years
You’ve worked hard to build your career, and your income is your most valuable asset. But even a short-term illness or injury could derail your financial progress. Income Protection helps you maintain momentum, ensuring that essential expenses are still covered while you recover. Life Cover provides long-term peace of mind, ensuring your loved ones are financially secure - no matter what.
👨👩👧 For Young Families
With dependents relying on your income, any gap in earnings could have serious consequences. Income Protection ensures the mortgage, creche fees, and food bills are covered. Life Cover ensures your family stays financially stable - even if you’re no longer around to provide.
👵 For Near-Retirees
You’re close to retirement, and now more than ever, protecting your future is vital. Income Protection can safeguard your final earning years, and Life Cover can play a key role in estate and inheritance planning.
💼 For Business Owners & the Self-Employed
Your income isn’t just a paycheck - it’s the engine that runs your business and supports your family. Income Protection can help you keep the lights on, even if illness forces you to step away temporarily. It's also tax-efficient, with premiums eligible for tax relief at your marginal rate.
How We Can Help
At Financial Planning Matters, we help individuals, families, and business owners build tailored protection plans based on their unique circumstances. We make it simple, jargon-free, and aligned with your long-term goals.
Income Protection – Safeguard Your Salary & Security
Replaces up to 75% of your income if you can’t work due to illness or injury
Keeps you on top of bills, mortgage payments, and everyday costs
Tax-deductible premiums for added efficiency
Life Insurance – Protect Your Loved Ones
Pays out a lump sum to your beneficiaries if you pass away
Helps cover funeral costs, debt, and future family needs
Available as Term or Whole of Life cover
Don’t Leave Your Future to Chance
It’s not about being fearful. It’s about being prepared. The peace of mind these policies provide is real, measurable, and increasingly necessary.
Ready to talk protection?
📩 Get in touch with our team or book a consultation today.
We’ll help you build a plan that protects what matters most - you, your income, and your loved ones.
Find out more about protection planning.
Statistics Source: Aviva Life & Pensions Ireland, Protection Claims Report 2024
