UK mortgage holders foregoing vital cover

According to a recent report, over a third (*1) of homeowners do not have life insurance, thus potentially leaving their family in the lurch if they were to pass away. Renters are risking it even more, with only 29% of tenants saying they have life cover.

Why are so many people underprepared?

Significant life events often prompt people to consider taking out insurance. However, marriage rates in the UK are declining and the average age of first-time buyers increased by 6.8% between 2010-20232. It is therefore likely that important conversations around protection are being missed, even though many people are cohabiting with partners who would suffer financially if left to fend for themselves.

 

Awareness is key

Jennifer Gilchrist, a protection expert at Royal London, commented, “Wanting to protect yourself and your loved ones financially should hard times hit is natural, yet many families are leaving themselves financially exposed. It’s important that awareness is raised about the positive impact of having insurance in place and the difference it can make to improve people’s financial resilience.”

 

Here to help

We can help review your protection policies to ensure they are appropriate for your current circumstances.

 

As with all insurance policies, conditions and exclusions will apply. 
 
1 Royal London
2 Savills

29 April, 2024

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