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.”

© Irish Examiner Ltd. All rights reserved

More in this Section

Housing crisis ‘jeopardising business growth’ in Cork

Arrow Group in profit after 2013 horse meat scandal

Pre-tax profits drop to €6.1m at Irish eBay unit

‘Too few hotels’ in Dublin claim as Tourism Ireland as drive kicks off

You might also like

Breaking Stories

Mark Zuckerberg and wife Priscilla Chan announce birth of baby girl and reveal plans to give away 99% of Facebook shares

Health insurance and banking stocks prompt Wall Street rise

Apple Music is coming to Sonos speakers

BlackBerry to leave Pakistan over government surveillance concerns


Katy Harrington is having sobering thoughts after giving up fags and booze - at the same time!

St Colman’s students helping Ireland clean up its act

Gaz Coombes is still alright after Supergrass

Equal pay for equal work but no country pays men and women the same

More From The Irish Examiner