First Baby Equals First Life Insurance Policy For Many Of The 48,000 New Parents In The State


2nd Feb 2017

Ireland recorded the EU’s top birth rate in 2015, with 14.2 babies born per 1,000 residents in the State according to figures published by Eurostat* last year. For many Irish people, having a baby is the number one trigger to put a life insurance policy in place. This is according to the findings of a survey commissioned by leading protection specialist Royal London which asked you, Financial Brokers throughout the country, for your feedback on key issues that affect your clients. So it will come as little surprise to you that, with the exception of mortgage protection, 41% of survey respondents cited this life changing event as the principal motivator behind why people take out life cover.

Daragh Feely, Head of Sales at Royal London commented, “Our findings show life insurance is financial protection often forgotten by consumers and one which needs to be highlighted to them by their Financial Broker. As you’ll be aware uptake is discretionary, unlike say mortgage protection which is a prerequisite when taking out a mortgage or car insurance which is a legal requirement. And yet the consequences of not having life cover in place can be far more severe.

38% of babies born in 2015 were first born

The CSO recorded that of the 65,909 births in the State during 2015, 24,867 or 38%** were to first time mothers, so for many of these parents it could be the first time they feel the need for this type of financial protection.

Daragh continued, “You told us when people enter into a new life stage, like starting a family, it’s most likely the first time they see a pressing need to purchase life insurance. This type of cover becomes more relevant as 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. Looking at the increase in the percentage rate of first births, it looks like more and more people are in need of your financial advice.

At Royal London we frequently ask you for your views on financial issues. Who better to ask for invaluable insights than those who advise their clients on financial protection planning and security on a daily basis? Using your feedback, we raise awareness of key financial issues to the public through the press and continue to develop our products and service to improve what we offer you and your clients.”

Royal London’s survey asked Financial Broker respondents nationwide:

What is the principal driving force for people taking out life insurance (excluding mortgage protection)?

The respondents answered as follows

Birth of first child                                                                   41%

Death of relative or friend                                                  22%

Buying first home                                                                  20%

Marriage/ civil partnership                                              11%

Other                                                                                             07%

Becoming a parent is an important time for your clients to consider life insurance, or to assess whether their existing cover is sufficient. It is also a time when finances could be stretched so your clients may appreciate Royal London’s one month’s free life cover when they take out their life cover, which applies even if their case is rated.

Daragh concluded, “Our current mix and match special offer gives you choice and flexibility. By choosing from extra commission, premium discount or a mixture of both on Mortgage Protection and Term Assurance you can pick what’s best depending on what suits your clients and your business needs. With Royal London, you can also offer all your clients one month’s free life cover when they take out life cover, and now there’s no restriction for rated cases.”

For more information on Royal London’s offers, please contact your Broker Consultant, Case Manager or visit

*Eurostat News Release 134/2016, July 2016

**CSO 2015 Vital Statistics Fourth Quarter Report, May 2016