Fifty one per cent of people currently go without Life assurance according to a recent nationwide survey of 1,000 people in Ireland conducted by iReach and commissioned by Royal London.
According to Royal London one of the main issues impacting on this lack of Life cover being put in place across the country is a big misconception regarding Life cover cost and affordability.
Joe Charles of Royal London says, "People think it’s far more expensive than it actually is. In our nationwide survey we asked 1000 people “how much do you think €200,000 worth of Life cover would cost per month for a non-smoking 30 year old for a 30 year term?” Just 30% of people got the right answer.
"Cover of that amount would cost approximately €15.15 a month but the majority of respondents (70%) believe it would cost significantly more that than – with 46% saying it would cost €50pm and 24% believing it would cost over €100 – that’s over 6 times the actual cost!"