Protective new parents reach for life cover policies

A RECENT survey of Irish financial brokers has revealed that for many of us becoming parents is the number one trigger to take out life insurance cover, writes Grainne McGuinness.

“Two out of five (41%) financial brokers said that having a baby is one of the primary drivers behind why people buy life insurance,” said Daragh Feely, Head of Sales at Royal London, who commissioned the survey. “Having a baby triggers protective instincts and it could be the first time in a person’s life when they have to consider the financial security of their future and the future of those they’ll be providing for.

“So it’s not surprising people take out life insurance when they start a family as it is most likely the first time they believe they have a real need to purchase it.”