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Tenants should consider taking income protection

Gillian Cooper
Insurance news
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Families living in rented accommodation are much less likely to have a financial protection policy in place than homeowners, according to new research.
Just 3% of people who rent privately have income protection, for example, claims the new study by Aviva. It also found tenants could be putting their financial security at risk in others ways too, by not having adequate savings to fall back on in the event of illness or unemployment.
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The report suggests some 650,000 people across the country may struggle to cope with the sudden loss of a household income.

Dan Harrison, Managing Director at Union Insurance, says the figures are concerning.

"These findings follow on from reports that the number of families with dependent children living in rented accommodation is rising. An income protection policy could help tenants cover regular outgoings - like bills, rent and childcare - if circumstances take a sudden turn for the worse. Doing without it could prove to be a false economy and make things tough for the whole family if you're unable to work."

Union Insurance has launched an innovative online calculator tool that aims to take the confusion out of income protection cover, by showing what state benefit support may be available for those off work due to illness or redundancy, and how income protection insurance could fill the gap. Go to https://www.unioninsurance.co.uk/supporting-unions/income-protection-calculator/cwu to find out if income protection cover can provide a useful safety net for you. 

For more information about Union Insurance’s Income Protection Cover and to get a quick, no-obligation quote visit https://www.unioninsurance.co.uk/products/income-protection/cwu or call us freephone on 0800 484 0879.

Source: Health Insurance Daily

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