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.
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.
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.
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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