Protecting what’s important
The saying “your health is your wealth” rang true when we conducted an attitude survey among 1,000 adults recently. The main concern for 37% of those surveyed was that they or their partner would become ill or die suddenly, compared to 16% who were more concerned with losing their job. Losing their home (11%) and being unable to pay bills (10%) were the next most important concerns for the respondents.
The main concern for 37% of those surveyed was that they or their partner would become ill or die suddenly
Half of those surveyed said they are aware of a family where the main income earner died prematurely at less than 50 years of age.
The survey reveals that in general people totally overestimate the cost of taking out a family protection plan. In fact, almost 70% of those surveyed thought life insurance costs over €35 a month, which is more than twice the normal starting cost of €15 a month for €100,000 cover for a typical 35 year old parent.
It would take the average household 80 years or more to save €100,000 for their family by putting €15 by on deposit to help their family financially in the event of death.
Gerry Hassett, Head of Irish Life Retail said, “The survey shows that although the main concern people have is around what might happen if they or their partner became ill or died, people need to take steps to protect their lives or the lives of their families. While it makes sense to put some money by for a rainy day, it costs just €15 a month to get €100,000 worth of life cover for a typical 35 year old parent of young children. It would take the average household 80 years or more to save €100,000 for their family by putting €15 by on deposit to help their family financially in the event of death. Rather than just topping up their savings, people really should consider protecting their family with life insurance.”
Note: €100,000 worth of life insurance costs €15 per month for a 35 year old male or female non smoker with Irish Life’s Life Term Cover plan. The cost of life insurance depends on your age, health, amount of cover, gender and product type. 80 years to save €100,000 based on monthly savings of €15 on deposit at 4% per year net interest rate, after tax.
The research was carried out in March 2012 by iReach, with a sample size of 1,000 adults of 18+ using a nationally representative model.