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Accessible life cover

PEOPLE aged between 30 and 45 believe the biggest barrier to life insurance is cost.

Almost three in every five adults believe they can't afford life insurance – but research has shown that there are vast misconceptions in this area.

Declan O'Neill, protection product manager at Irish Life, said the average cost of family protection is just €15 a month for €125,000 worth of Term Life Insurance cover for 20 years.

"Yet people in our survey thought the price would be €34 a month for cover of this level – more than double the real price," he said. The findings were published today to coincide with the launch of a new Irish Life information campaign that highlights how life insurance is more affordable than people think.