There is a natural connection between protection and homeowners, but new research suggests that renters could in fact gain more from the benefits of cover.
Rent rise
The number of households renting privately in the UK rose by 63% in the decade to 20171, reaching an estimated 4.5 million. As the rising cost of living continues to cause difficulties for many, the importance of income protection for renters becomes increasingly apparent.
That’s because tenants in the private rental sector usually have lower financial resilience than homeowners. Recent research2revealed that 14% of private renters have no savings at all, compared with 8% of mortgage holders. Despite this, almost three quarters of renters don’t hold any protection products3.
Safety net
Income protection is a financial safety net that provides a tax-free income if you are unable to work. At the end of your chosen deferred period, the cover steps in to make sure you and your loved ones don’t suffer undue financial hardship.
Exclusive Protection Promotion
Having adequate insurance in place is extremely important. You need to ensure that you have enough to cover the mortgage you have applied for. We have access to some of the UK’s leading insurance companies to be able to provide you with cover for life insurance, income protection, and critical illness cover.
If you take out a protection policy that has a monthly premium of £25.00-£49.99, we will send you a £25 Love2Shop e-gift card.
If you take out a protection policy that that has a monthly premium of £50.00-£99.99, we will send you a £50 Love2Shop e-gift card.
If you take out a protection policy that has a monthly premium of £100+, we will send you a £100 Love2Shop e-gift card.This exclusive promotion is only available until 31st March 2023.
To arrange a free appointment with one of our expert protection advisors, contact us today. Read our Terms and Conditions here
As with all insurance policies, conditions and exclusions will apply.
Get in touch
As rising prices diminish savings pots, private renters become more vulnerable to financial shocks and missing rent payments. Having the right protection in place for your unique needs can help provide valuable peace of mind.
As with all insurance policies, conditions and exclusions will apply
1Office for National Statistics, 2022
2FT Adviser, 2022
3Financial Conduct Authority, 2022