Every year, Omega analyses day one income protection claims paid throughout the previous year to better understand the illnesses and injuries that have affected our clients. 100% of these claims were paid as has been the case since the introduction of this policy into Ireland in 2010.
Overall, 1 in 8 of our Day One Income Protection clients claimed a benefit to cover their lost earnings due to illness or injury. Out of these claimants, 5 were long term due to a variety of conditions including cancer & anxiety. These members will be paid for as long as they are unable to return to work until retirement age.
At the other end of the scale, one third of these claims related to viral infections and gastro bugs that kept members off work from a few days to a few weeks. This represented a drop from 2016 when 54% of claims were attributed to these shorter-term claims.
Claims relating to psychiatric conditions saw a noteworthy increase from 3% of all claims in 2016 to 8% in in 2017. Stress, anxiety and depression were the main causes within this category.
On the female side, we have seen a strong increase in pregnancy related conditions, representing 12% of all claims. This is a category not covered by many income protection providers.
Remaining at similar levels from the previous year, the average age of a claimant was 40 and the gender breakdown was 54% female, 46% male.
You can find more information on income protection here >>