According to a recent report, over a third1 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 2010-2023 2. 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 provide free protection reviews to ensure that your existing protection policies are appropriate for your current needs and circumstances.
If you find the whole idea of protection and insurance daunting, there’s no need to worry! Our team are experts in guiding you throughout the process, answering any questions you may have, while making sure that you’ve got the right protection policy in place.
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1 Royal London
2 Savills
