Families are under-insured
Published 17/06/2010 | 05:00
YOUNG Irish families are hugely under-insured with many of them only putting enough cover in place to sustain the family for between three and five years, according to Caledonian Life.
The typical level of life insurance cover -- around €375,000 on a policy -- will only sustain a family for three to five years, rather than the 20 years plus that's generally required. In addition, many people believe the level of cover should increase with age when the opposite is the best advice, Grey Dyer of Caledonian Life said.
Mr Dyer said that often those who are later in life have the highest level of cover when a couple in their 30s with young children have greater expenses and should have more cover.