If you have a roof over your head, you need to ensure you are protected, regardless of whether you own that roof or not. Financial security is something we should all be aiming for, especially when considering the impact unexpected events could have on you and your family. While never a pleasant thought, it is an essential one; how would you cope in the event you had a sudden loss of income, became injured or critically ill and therefore couldn’t work, or even pass away.
These questions are hugely relevant regardless of whether you own the roof over your head, or not. A rented property is more than just a place where you live, it’s your home, so ensuring you’re adequately covered is equally as important for you as it is for homeowners.
‘Generation rent’ doesn’t seem to be going anywhere anytime soon. In fact, it’s expected to be here long term; by 2025, 50% of adults under the age of 40 will be renting privately.1 Therefore, getting yourself fully covered for any unwanted and nasty surprises is more relevant and important than ever.
In addition, rental prices are expected to rise, according to RICS;
“Given this mismatch between rising demand and falling supply, rents are expected to increase over the coming three months, while twelve-month expectations continue to point to rents rising by a little over 2% in the year ahead.”2
This further supports the notion that you need to ensure you’re well covered to protect yourself in line with rising demand and increasing rental prices.
How do you do that? The answer is surprisingly simple; insurance.
There are three types of insurance policies that you can get, where all or only some of them may be relevant to you and your needs:
- Income protection: this is a type of insurance that pays you an income should you have to stop working. For example, in the event you injured yourself or became ill and couldn’t work, this policy would help cover your outgoings while you have little or no money coming in, meaning money will be less of a worry to you.
- Life insurance: this type of policy is designed to protect your family in the event you passed away, by providing your beneficiaries with some sort of payment. Typically, this is to cover outstanding debts you may pass onto loved ones, or to meet contractual obligations, such as fulfilling the lease on your rented home. It means should the worst happen; you know the loved ones you leave behind are left without financial burden.
- Critical illness cover: The lump sum or regular income can be used towards meeting your rent and bills or could cover the costs of any additional medical requirements you may have. It is designed to remove or reduce the anxiety of money should your health impact your financial commitments, allowing you to focus on getting better.
Of course, what suits one individual’s needs, will not suit another, therefore seeking help to get the right cover for you and your needs is the difference between getting excellent and adequate cover for you, at a price you can afford.
With an enormous range of products on the market, our professional advisers can help pinpoint the right policy for you. With decades of experience and a vast knowledge of insurance products, we implore you to take advantage of this by booking an appointment to discuss. We are fee-free, and you are not obliged to do business with us upon meeting with us – we are here to guide you first and foremost.
If this is something you wish to explore, call us on 01823 273880 or complete an enquiry form. We look forward to helping relieve you of any pressures or concerns when it comes to financial security for you and your family.
