The latest report from Irish Life has shown that a staggering half a million parents in Ireland with children under 17 have no life cover in place. As parents we all like to think we’ll always be there to take care of our family’s needs- but unfortunately that’s something nobody can guarantee. Life is unpredictable and we never know what is going to happen next.

Have you ever thought how your family would cope financially if something happened to you?

• 90% of parents say they will do anything to protect their family’s’ future but only half of those parents say their family would have nothing to worry about financially if something were to happen to them.
• Just 40% of adults have some form of Life Insurance plan and for those that do, half of the plans are linked to their mortgage only.

The misconception about ‘life Insurance’

The majority of adults think €100,000 of life cover would cost €50 a month. The reality is that individuals can take out a plan from as little as €15 per month. That is not a big cost, considering the peace of mind that your family could be secure financially when you’re gone.

Life insurance pays your family a lump sum if you die. They can use this as they wish, to help pay bills, loans – whatever matters most. It gives you peace of mind that your family could be secure financially when you’re gone. Below are some costs for €200,000 of Term Life Insurance for 20 years. These are for a non-smoker with no health issues and include the Government Levy.