Irish Life offers free €500m of life cover

Irish Life plans to give up to €500m of life assurance for free for up to 20,000 adults to highlight the importance of having cover.

The company will give cover of €25,000 for a year to 20,000 adults.

Irish Life has also published its findings from a study on customer attitudes to life assurance. Key findings from the survey of 1,000 people include:

* 60% of adults in Ireland do not have life insurance which often means that dependants could face significant financial problems in the event of their death;

* 56% of people say they could struggle financially in the event that something would happen to them. This is an increase of 10% (from 46% to 56%) from March 2011.

* 34% of adults assume the cost of cover is significantly more expensive than it typically is — they assume that €100,000 of cover will cost more than €50 a month.

Gerry Hassett, chief executive, Irish Life Retail, said: “In fact, for €100,000 cover with our Term Life Insurance plan, the price could be less than a third of that amount — just €15 per month for an adult aged 40 or younger, over a 10-year term who is a non-smoker and is in good health.

“Life insurance should be at the core of every family’s financial planning. Last year, Irish Life paid out €83m in death claims to 1,168 families. However, what may surprise people is that over half of this amount, €45m, was paid in respect of people younger than 55 years old, which is the upper age limit on our Free Parent Insurance promotion.”


More in this Section

Delays over tracker scandal

Newcastle United valued at €340m in potential bid

Reckitt opts to split business units as group sales dry up

Air regulator warns over supply of Kobe Steel


Breaking Stories

US stocks continue to soar with new landmarks reached

Glen Hansard firm posts accumulated profits of €1.5m

Spain cuts growth outlook

Gin industry booming as vodka sales decline

Lifestyle

Facing fears while terrifying punters at Cork's Nightmare Realm

Weathering the storm of 1961: We watched 30 large trees uprooted

Remembering the dead: Poignant reason behind Cork’s Zombie Walk

More From The Irish Examiner