Figures released today by life assurance company, Royal London, show that most young Irish families underestimate the need for life cover.
Royal London has analysed its own customer database and found that, in the main, people are significantly underinsured and as a result could be leaving themselves and/or their family financially exposed.
The average level of coverage for people in their 30s is €249,000 which reduces to €246,000 when people reach their 40s.
Broker Sales Manager at Royal London, Daragh Feely said, "While it’s great that people recognise the importance of putting life cover in place to protect their family financially, often they don’t consider if they have enough cover.
"Having €200,000 worth of life cover might seem like a lot but when you actually crunch the numbers, this amount will not go very far, lasting only for about 3 or 4 years if you have monthly outgoings of €4,000 to €5,000."