With the current cost of living crisis that we are now all too familiar with - buying a house has never felt more difficult. As a result, many people are choosing to rent.
Rental prices in the UK have increased by 3% in the 12 months leading up to June 2022 and are set to increase further.* Subsequently, renters could struggle more than others to save, due to their outgoings increasing.
According to Legal and General’s ground-breaking report, The Millenial Life Insurance Gap (2019), they found that 21% of renters who didn't have said it was because it was a lower priority than other expenses. Whilst it may be true that this monthly expense ranks low on your list of priorities, a life insurance policy like income protection could be your lifeline if the worst happened.
If your income suddenly stopped, consider how you would make your rental payments each month. Would you be able to afford these payments along with your other outgoings and essentials to pay for? If the answer is no, then this extra monthly expense should be one of your top priorities, not bottom of your list. With income protection in place, you could be ready to face any curveball life throws your way.
No! Getting a life insurance policy is not based upon whether or not you rent. However, your ability to be able to get a life insurance policy would be determined from the assessment your:
Your eligibility for life insurance, and the cost of your monthly premium, will be determined from the information you disclose in relation to the above criteria.
Renting is commonplace for millions in the UK and there is concern that so many could be without adequate cover in place because of the belief that renters don’t need life insurance.
According to Hargreaves Lansdown, private renters are twice as financially vulnerable than mortgage holders. So with this in mind, instead of worrying about how you would pay the bills if you weren’t able to work, start your free quote today. Or if you don’t want to jump right in and start a quote straight away, you could click the button below to use our free income protection calculator to find out an estimate of how much your policy could cost in just 30 seconds.
Income protection is one of the most advantageous policies for renters as it allows you to cover a selected percentage of your income each month, commonly up to 60%, and can be tailored to your needs and affordability too!
An income protection policy can provide a financial helping hand if you were unable to work due to illness or injury. As a tenant, these small monthly bursts of money could be ideal for paying your rent each month, if you had to go without your income for an extended period of time.
If the worst case scenario happened and you had to come out of work due to sickness or injury, an income protection policy can help with so much more than just rental payments too. The policy could also help contribute towards your bills, food shops, and any other monthly outgoings you may have.
At Caspian Insurance we are dedicated to helping people find the best possible life insurance policy for their circumstances. We search through the UK’s leading providers to match you with the right policy suited to your needs and affordability.