Irish Life recently commissioned Coyne Research to conduct market research on their behalf. The survey found that there are still large deficits of cover, when it comes to family protection. Looking at customers between 30 and 45 years old, the survey found that:

  • 58% have no life insurance in place
  • 90% have no specified illness in place
  • 88% have no income insurance in place

Cost remains the biggest barrier to taking out cover particularly among those aged 30-45, but most people think it’s more expensive than it is. 1 in 3 customers thought that putting €100,000 life insurance in place would cost them €50 per month. The actual cost is just €15.00 per month.  The cost will depend on things like how much cover you need, your age and health and the type of plan you buy. Remember, you must keep up your payments to stay on cover.

  • Almost 1 in 5 are considering taking out life insurance in the next 12 months.
  • Over 1 in 4 aged 30-45 year old’s are considering taking out income protection.
  • Almost 1 in 4 state their household would struggle financially in the event that something would happen to them.

Buying a first home and expecting children are regarded as the biggest triggers for encouraging purchase of life insurance. A minority of people (16%) would be interested in buying Life insurance as a gift for a partner or loved one.

Life insurance isn’t just for your family. It gives you something too: peace of mind. You’ll know that your family won’t have to worry about the little things when you’re gone. You’ll have ticked off one of those things that you always meant to do and you’ll be surprised how little it costs for something that could mean a whole lot.

If you think you are too young to buy life insurance, think again, almost 50% of all life insurance claims paid out are for people who died before age 55.

To begin planning for your future, call your financial broker today.