Despite the changing nature of the traditional roles of men and women, this Irish Life survey claims that women are still providing the lion’s share of unpaid work when it comes to child-rearing and household duties.
According to this infographic below which was released on Mothers’ Day, the avarage replacement cost to a household of each parent is €37,500 a year for women and €26,000 a year for men.
Irish Life therefore maintain that a mother should have term life insurance cover of at least €333,000 and that a father should be similarly insured for at least €225,000.
Many people with young families may have already taken out a combination of life insurance policies when they bought their first house (including mortgage protection). If you took out these policies during the expensive Celtic Tiger years, you might now be able to get more cover for the same monthly amount or indeed reduce your monthly premium and out the money in your pocket!
Check out how much you can save on life and mortgage cover