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11 Oct, 2017

Irish Life survey reveals that over 500,000 parents with dependent children have no life insurance

This research was carried out in May, 2015 but findings suggest that not much has changed – Ireland’s leading life insurer, Irish Life, announced new research findings on the level of financial planning amongst parents in Ireland. Some of the research findings revealed include:

  • Three times as many people are more confident about their financial future when they have plans in place.
  • Almost half of Irish parents (45%) with children under 17 have no life insurance or mortgage protection.
  • Low levels of awareness – 1 in 4 who have life insurance don’t know how much they have

Research Insights

The research also revealed insights into Irish peoples’ attitudes to their finances now and in the future. Only 16% said that they feel confident about their future finances. However, many in this category were early retired and/or in their late 50s. Less than a third (29%) of respondents feel ok and not “too worried”. However, the research shows that more than half (55%) are worried about financing their future. Of those who are worried, 83% do not have a financial plan in place.

Commenting on the research findings in 2015, Gerry Hassett, Managing Director of Irish Life Retail said: “Having a financial plan can make a big difference in reducing your financial worries. Although 16% of those surveyed overall, were confident about their financial futures this figure rose to 47% amongst those who have a financial plan in place. Meanwhile, over four in five (83%) of those worried about their future finances do not have a financial plan in place. As Ireland’s leading life insurer, with over 75 years of protecting Irish families, Irish Life has a deep understanding of Irish people and their needs. For example, last year Irish Life paid on average €4 million a week in life insurance claims to help people right across Ireland when they needed it most.”

Hassett added: “We would see life insurance as a key part of sound financial planning. There is a misconception that buying life cover is difficult and confusing.”

The research also revealed that 25% of people with life insurance do not know how much cover they have. While 5% of those surveyed have cover above €300,000, the average life insurance cover is only €152,040. Worryingly, with average incomes of €36,000, those people with the average level of cover are only covering four years’ salary.

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