‘Squeezed middle’ falling short on cover

Fewer than half of households have enough life cover to protect their family, according to new research from Hargreaves Lansdown, that reveals a worrying gap for the “squeezed middle.”

While 44% of households have enough life cover to protect their family, the figures for those aged 30 to 34 (30%) and those aged 35 to 39 (34%) are considerably lower. Moreover, only 35% of households with a mortgage are sufficiently protected.

The ‘squeezed middle,’ as the report refers to the groups aged between 30 and 40, ‘carry an enormous weight of responsibility’ since many are paying for a home and raising children. Just 26% of couples with children have enough cover. Couples with children are often already stretched, the analysis points out, on top of having a home with a sizeable mortgage. All this means that they need stronger safety nets to protect the whole family should the worst happen.

Sarah Coles of Hargreaves Lansdown, commented, “Often people know that insurance needs to cover their mortgage, but they may not think about any children, and covering the cost of bringing them up.

 If you are in the ‘squeezed middle,’ it could be time to check whether your cover is sufficient to protect you and your family.

If you’d like a chat about your personal protection needs, we’re on hand to help. Contact us today.

As with all insurance policies, conditions and exclusions will apply



1Hargreaves Lansdown, 2023

5 July, 2023

More news

27 November, 2023

A new study* has highlighted that almost two thirds (64%) of mortgage applicants in the UK have stru
With product withdrawals, altering rates and a fast-moving market, there’s no wonder this backdrop, prompted by the ‘mini-Budget’ last Autumn, has caused high levels of stress for mortgage appli

21 November, 2023

It’s no secret that many mortgage holders have had a tough year. Soaring interest rates, on top of
Repossession is a last resort  If you’re worried about your mortgage payments, lenders can help with a payment plan to get you back on your feet. In the first three months of this year, only 750 ho

9 November, 2023

One of the financial responsibilities of homeownership is to protect yourself and your family. Life
Life insurance provides a safety net. A payout can pay off the remaining mortgage balance, ensuring that your loved ones can stay in their home without the burden of mortgage payments  Knowing that