Renters: Do You Have Life Insurance?
People in the UK making use of one of the property agents Norwich has available could be leaving themselves financially vulnerable, with a new study revealing that people living in rented accommodation are less likely than homeowners to have savings accounts, life insurance or pension savings.
According to Aviva, three-quarters of renters do not have life insurance, while just three per cent said they had critical illness cover and two per cent had income protection. The report observed that such statistics are rather concerning when they refer to families with young children.
English Housing Survey figures show that the number of people with dependent children renting a property in England has climbed by 13 per cent since 2009. “Renting offers many benefits such as affordability and flexibility, but there’s a concern that many renters are being left financially exposed,” protection director for Aviva Louise Colley remarked.
She went on to add that when taking out a mortgage, people are asked how they would pay the bills if they fell ill or an income-earner died, conversations that don’t take place when it comes to renting out a house.
Ms Colley went on to add every family should consider the possibilities that the future may hold and plan accordingly so that they are fully prepared should the worst happen.
This comes after Gocompare.com Mortgages revealed that the lack of affordable housing is proving frustrating to many would-be homeowners, who very often can’t find somewhere within their price range in their local area, so have to move away from friends and family in order to buy.