A common misconception about protection insurance is that you don’t need it unless you have a mortgage and children. 


So prevalent is this myth, in fact, that less than 20% of tenants have insurance in place (whether individually or through work) that would cover their rent if their income stopped1. And yet 45% of them would be unable to afford more than a month’s rent if this happened2.


The importance of preparation

The COVID-19 pandemic has served as a harsh reminder that events can hit us financially when we least expect it.

So, while you may see life or income protection insurance as yet another monthly expense on top of your already crowded budget, it really is worth the spend and is often much cheaper than people think. In fact, a 2018 study revealed that people overestimate the cost of life insurance by nearly 200%!3

Think ‘what if?’

What if something happened to you tomorrow and you couldn’t work for a couple of months? Or if you died?

Could your family cover the rent and bills? And how long for? If the answer to these questions is ‘no’ or ‘not long’, then some form of protection insurance is likely an excellent idea for you.

For advice on the best protection policy for you, please do get in touch.


As with all insurance policies, conditions and exclusions will apply  

1Hymans Robertson, 2019, 2Shelter, 2019, 3Drewberry Insurance, 2018

Catch up on our other blog posts:

How does income protection work?

How does income protection work?

Income protection insurance refers to a group of insurance products that help you out financially, if you lose your income due to injury or illness. The COVID-19 pandemic has greatly increased awareness of the importance of having a safety net to fall back on in times...

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Protection and the gender paradox

Protection and the gender paradox

Despite a better understanding of the limitations of state health and welfare support than men, women are less likely to engage with group protection benefits. Its a phenomenon that Legal & General1 have termed the ‘gender paradox’. Despite knowing that state...

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(Your home may be repossessed if you do not keep up repayments on your mortgage)

We charge a fee for arranging and advising you on the mortgage. The fee will be dependent on your circumstances but will not exceed £499. (Our typical fee is £299.)

For Lifetime Mortgages/Equity Release the fee will be £799.

Our mission is to provide honest mortgage advice, whilst helping you save money.

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info@southcoastmortgages.com

South Coast Mortgage Services Ltd is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority. Registered Office: 59 The Avenue, Southampton, Hampshire, SO17 1XS. Registered Company Number: 08414746 Registered in England & Wales.