Why are we here?
It is an age old question that has dumbfounded philosophers for thousands of years – the answer remains as elusive as it ever was.
Here in Irish Life Corporate Business however, we just need to look at one of our most basic, but most important functions. We’re here to pay claims.
In 2012 we paid out €63m in Death Benefits to 477 families, €5m in Specified Illness Cover to 200 claimants, and €58m in Income Protection claims. (Source: Irish Life Corporate Business)
With these figures, processing claims is critical to ensure the correct decision is made… quickly. But with this highly processed function, a unique claim number is the driver for all correspondence, status updates, complex reporting, it can be easy to lose sight of the person behind the claim number. Nobody ever thinks they will need to claim and can wonder “why should I pay for something that may or may not happen?” Thankfully, only a tiny percentage of our customers find themselves in a situation where they need to make a claim. But this is our opportunity to demonstrate our reason for being here to some customers and their families, who are feeling, at times, vulnerable.
I have picked out three special cases that help us see behind the number, and give us a snapshot into the lives of these claimants and their families. It is clear to see how our reason for being here has affected them.
(Note: names and other details have been changed to protect anonymity)
Death Benefit Claim
Grace, died of heart disease, age 29
Grace died shortly before she was due to get married to Colm. The benefit was 7 times salary. Due to Revenue restriction, a maximum tax free lump sum of 4 times salary could be paid, and the rest, was to provide an annuity for a financial dependent. Grace didn't have any children, and no dependents, and had been living with Colm for the past three years.
Given the circumstances, we approached the Revenue who initially ruled there was no dependency. We asked them to review their decision, advising that the trustees wanted the annuity for Colm. They agreed that Colm can be the beneficiary; an annuity was set up in his name.
Specified Illness Cover
Katie, diagnosed with breast cancer in 2012, age 56
She had been off work since her diagnosis, and sent in a claim form. Though ready to be paid less than a month later, she requested that we hold off on issuing the cheque as she was taking two weeks convalescence. She called us after the two weeks and the cheque was issued that day.
She sent us a letter; here is an excerpt from this letter.
“Being told I had malignant cancer was such a blow, a totally life changing experience and as well as the worries and concerns brought about by the actual illness itself there is the added worry of the financial difficulties it can also present. And this is where being a member of your Specified illness cover provides the security and financial support (that is) so essential at this time. Financial commitments and bills can be taken care of and I can now focus on my illness and my on-going treatment...”
Income Protection
Adam, with a serious spine injury, age 34.
Adam became a claimant in 2010 and in addition to the money from Irish Life, he received the State illness benefit.
Adam’s wife was not working, and they have two young children. Adam’s family has been struggling financially; as the high medical bills are on top of the normal household bills, and mortgage, even though their income has significantly reduced.
In 2011, the State ceased paying the illness benefit. If after two years, a claimant is still unable to work, they can apply for the State invalidity pension. Adam learned this when he met with one of our Health Claims Advisors (HCA), who advised Adam of the full process, and how the Social Welfare system works.
In a meeting with one of our HCA in 2012, Adam informed us that he had applied for the State invalidity pension and there was still no movement or decision. Adam mentioned that things were getting so bad that they had been watering down the milk for their children to drink, and he dreaded to think how he was going to be able to afford to fill the oil tank, with a cold winter due.
“Its €193 a week for invalidity pension …. but to us that is like a million Euro a week!”
Adam felt like giving up and was resigned to the fact that the State invalidity pension would never be paid. Our HCA persuaded him to keep going, his condition is very serious and genuine, and should be paid. Recently Adam contacted our HCA, the Social Welfare office had sent a letter apologising for the two year delay, with the application approved and backdated, which was a heavy weight lifted from his shoulders, and meant so much to his family.
Though medically, Adam still needs pain relief injections every few weeks and is taking constant pain relief medication, he is still seeking out treatments with specialists in a bid to improve his condition and get back to work.
As you can see from some real life examples, our philosophy is to provide full and comprehensive services to our clients. We take a long-term view and look at claims as opportunities to build relationships with our clients. Irish Life Corporate Business has been a constant presence in the group risk market in Ireland over the last 50 years and we are the largest provider of life assurance and income protection to companies and affinity groups throughout the country (Source: Irish Insurance Federation).
If you want to discuss any part of our group protection offering, or are thinking of making the move to Irish Life Corporate Business contact me on 01 704 1338 or cormac.donnelly@irishlife.ie
