Income protection plans and life insurance policies are important if you rent a property

by

Apr 21 2020

Millions of people rent their homes in the UK and many of them have no form of income protection or life insurance. 

If they were unable to work or they passed away, they would struggle to pay their rent or potentially leave their family in financial distress. 

Income protection policies pay a monthly tax-free benefit when people are sick or injured and they are unable to work. The most common causes for a claim include mental health issues, back problems, and critical illness.

Life insurance policies pay a lump sum when policyholders die and applicants do not need to own a property to arrange cover often providing long term financial security.

At Trinity Financial our clients take protection policies to ensure they can continue making their mortgage repayments and maintain their standard of living if their income stops. They have life insurance to make sure their mortgage is repaid or their family has money if they pass away.  

In my opinion, the main reason why many renters do not have insurance to cover them is that nobody talks to them about the benefits of the plans. Just because they do not own property yet, it does not mean their bills will stop if they cannot work of something unexpected happens.  

Many people do not fully understand the benefits of life insurance or income protection, and they do not know how inexpensive they can be particularly for younger people in good health.  

I also arrange wills for Trinity Financial's clients to ensure their affairs are in order when they pass away. A reported 70% of people in the UK do not have an up to date will.

Contact Danny Davis on 0207 016 0799 or email danny@trinityfinancial.co.uk to arrange a protection policy or will. I can check any existing personal or work insurance policies to see how up to date they are and if they are suitable for your circumstances.