|
1 in 3 surveyed thought that putting €100,000 Life Cover in place would cost them €50 per month, the actual price can be as low as €15 per month
We would like to think that if the unexpected happened our families will be protected.
As brokers, providing advice to our customers on the need for family protection is probably one of the most important aspects of the services we provide.
Whatever the economic outlook, any income that is coming into a home is at risk, in the event of a death or specified illness.
We all know people that have stopped short of putting additional family protection in place because they feel that they are not at risk, they have no medical history or they just feel at their age they don't need to worry about this. Claims Experience would suggest that this is not the case.
Results
- 37% of death claims paid, were for people aged between 41 and 60.
- 12% of death claims paid, were as a result of accidents or un-intended deaths, with the average age of 47 years old
Irish Life Claims Stats 2012
We also know from research carried out by the Irish Cancer Society (2013) that 1 in 3 people will suffer from cancer during their lives.
Apart from the medical issues, the cost of cover gets more expensive as customers get older.
These statistics don't make for pleasant reading, but it's important that people understand the implications of putting off the decision to put protection in place for their families.
Further market research carried out by Coyne Research on behalf of Irish Life, found that there are still large deficits of cover, when it comes to family protection.
Looking at customers aged between 30 and 45 years old
- 58% have no life insurance in place
- 90% have no Specified Illness in place
- 88% have no Income Protection in place
Coyne Research, January 2013
This research suggests that people in greatest need of family protection are very under insured.
If this survey affects you and you would like to have your requirements reviewed, please do not hesitate to contact us.
We wish to acknowledge Bernie Lynch, Protection Product Manager with Irish Life for her assistance in this survey. | 
