Irish Independent: Your Questions – Surely 5pc of my salary is enough to be putting into my pension?

It is definitely beneficial to be familiar with your insurance policies so you can be sure that they are still meeting your needs, according to Barry McCutcheon, protection proposition lead at Royal London.

He said everyone’s situation is different, but a simple way of estimating the level of life cover you need can be to look at your family’s expenses and think about how these could be met without your regular income. Whatever financial commitments your family would find difficult to meet is an indication of how much cover you might need.