There are some interesting statistics contained in Bank of Ireland Life's latest press release - just 20% of surveyed adults have serious illness cover and just 40% have some form of life assurance cover.
The former figure is the most worrying as further research showed that 50% of specified serious illness claims were by people between 20 and 49 years of age.
The Bank of Ireland Life release doesn't mention the need for Income Protection, as they don't sell the product, but their research highlights the need for it. If your income stopped because you couldn't work, how would you survive? If you're self-employed or a shareholding director, you'd receive no income from the State. Even if you're a Class A PRSI PAYE worker, the State Disability Benefit for an individual is barely €200 per week.
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