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Income Protection claims rising due to illnesses such as depression

Source: Business and Leadership.com

Author: Karina Corbett

Date: 12/06/14 

According to a recent article released by Friends First, the percentage of income protection claims concerning stress related illnesses such as depression are on the rise.

The purpose of income protection is to provide you with a replacement salary of up to 75% should you fall ill and find yourself unable to work.

The main illnesses which cause claims are due to orthopaedic, cancer and psychiatric conditions. Between 2012 and 2013 the percentage of psychiatric claims submitted to Friends First increased from 17% to 24%.

Worryingly, there has also been a shift in the claims submitted for psychiatric reasons with 64% being submitted by women in comparison to 36% of claims by males.

The cause for the shift in claims could be down to a work life imbalance for many women. Dr, Ciara Kelly mentions that according to data from Tilda, a high percentage of women bear the primary responsibility of rearing children or caring for other dependants. The stress of a career alongside rearing a family or other personal commitments can have a huge effect on mental health. 

In the past five years Friends First has paid out over €145 million in income protection claims and over €35 million in 2013 alone.

Many Public Sector unions and work places have specific Income/Salary Protection Schemes which are in place to protect members from financial difficulty if you fall ill. For more information on your unions Income/ Salary Protection Scheme, please Click Here.