Cancer and heart-related conditions continue to account for the majority of life assurance claims, the country's largest life assurer has said.

A person can take out two types of life assurance - a life policy pays out an agreed amount of money to a designated person following the death of the policy holder, while specified illness cover pays out to customers who develop specific conditions.

According to Irish Life, last year, cancer accounted for almost half of all life claims and almost two in three specified illness claims. Almost six in 10 of these claims involved women.

Heart-related conditions accounted for around one in seven life claims and almost one in five illness claims. Overall, men were much more likely to make claims relating to the heart compared to women.

At least one in 10 claims related to accidents, 40% of which involved people under the age of 40.

Half of these accident claims followed a road traffic accident. Alcohol was a factor in just 7% of these claims.

"There has been a welcome improvement in the incidence of alcohol as a factor in accidents from 14% in 2011 to 7% last year and I hope to see a further improvement in the current year," commented Irish Life's head of claims, Martin Duffy.

Overall, Irish Life paid out over €83 million in life claims and more than €41 million in specified illness claims.

It paid out over €1 million each to the estates of six customers who died last year. This included one claim for €5 million, the highest paid out by Irish Life in seven years. Last year's highest claim was €700,000.

According to Mr Duffy, these ‘very high claims reflect, in part, the higher value insurance which people acquired in the boom years'.

However, the average life assurance claim amounted to €71,500.

"This suggests that the level of life insurance taken out by many Irish people is still insufficient to look after their dependents in the event of an early death, especially as the average age of adult claims is 62," Mr Duffy added.