For the fifth year running, Omega Financial Management has announced a 100% payment record on claims made under its Day 1 income protection product from DG Mutual for 2014.
Overall there was a significant increase in both the number of claims and the amount paid to each member in the year. There was a wide range of claims – from cancer claims, one of which continued for the whole year – to injuries from sporting accidents, to shorter claims for viral and bacterial infections.
The majority of dentists who are covered have a Day 1 policy, meaning that they can claim for anything that keeps them out of work from the very first day of illness. The average weekly amount that dentists are covered for is just over €1,100 per week. Currently, the longest claim has been payment for over two years and unlike many plans that are only written to age 60 (particularly for dentists), this will be paid out to age 65 or until the client is fit enough to return to work.
Announcing the claims details, Omega’s Managing Director John O’Connor said that the 100% claims record that DG Mutual has in Ireland emphasises its commitment to their mutuality and their members. “We deal with all income protection providers in the Irish market and in our experience, DG Mutual is the quickest and easiest in terms of making payments to clients when they need it. As DG Mutual underwrites all new members so well, when it comes to them claiming, they pay people very promptly and usually without discussion.”