10 November 2019, Dublin: Some 54% of under 35s claim that they or someone close to them experience stress or anxiety, with 35% admitting to having mental health issues, according to new research by leading insurance company, Aviva.

These statistics are particularly stark relative to other age groups, where on average 41% of men and 45% of women reported stress or anxiety and 21% of men and 28% of women claiming mental health issues.

Cancer and heart conditions are more prevalent amongst the over 65s with 23% saying that they or someone close to them experienced cancer and 27% having had heart conditions.

An analysis of Aviva Life & Pensions’ claims statistics show that the company paid out in excess of €90 million to almost 2,600 claimants in 2018 across its protection business. Cancer and heart conditions were the main drivers of claims across death benefit and serious illness claims, while orthopaedic and psychological conditions were the main drivers of income protection claims.

*Sample Quotes

Male or female, aged 32 next birthday, non-smoker: cost of life cover of €100,000 and serious illness cover of €50,000 for 20 years on a convertible basis costs €25.93 per month.

Cost of income protection cover for male or female aged 32 next birthday, non-smoker, cover to age 65, occupation class 1 is €36.00 – assuming tax relief at 21% the net premium would be €28.44.

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This article was written by Rory Nelson, founder of Nelson Life. Rory is celebrating 20 years in financial planning this year. Professional qualifications include; UCD Specialist Diploma in Wealth Management, Pension Trustee Practitioner PTP, UCD Professional Certificate in Stockbroking,UCD Professional Certificate in Asset Management (SIA),  QFA FLIA, Pensions Diploma, Mortgage Advice Diploma, CFP module – Tax & Estate Planning and has a degree in BA Accounting & Finance. He has regularly participated in national financial press.

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