First time buyers need income protection

clock

LV= has warned that the highest number of house-buyers in seven years means that many people will be depleting their savings and may be in need of income protection.

Figures from the Council of Mortgage lenders showed that there were 26,100 first-time buyer loans in December 2014, with an increase of 15% in the number of loans compared to 2013.

The warning comes after adviser firm Pink's announcement that it will start advising all clients on their income protection needs.

Myles Rix, managing director of LV= protection, said: "Industry figures reveal that 2014 saw the highest amount of first-time buyers in seven years. 

"Getting the keys to your first home is always extremely exciting. However, for many this will have significantly depleted their savings - meaning that they could struggle to meet their financial commitments if they were unable to work for a period of time.

"Income protection offers people peace of mind that they can protect their income and home in the long run, whether a first time buyer, moving up the ladder or renting."

More on Income Protection

Iress adds Scottish Widows' new IP to platform

Iress adds Scottish Widows' new IP to platform

Technology provider, Iress, has added Scottish Widows’ new income protection (IP) product to The Exchange - its quote and apply platform for intermediaries.

Jaskeet Briah
clock 06 November 2024 • 1 min read
To retirement or not to retirement

To retirement or not to retirement

IP is the Question

IPTF
clock 05 November 2024 • 3 min read
IPTF announces restructure

IPTF announces restructure

Andrew Wibberley steps down

Jaskeet Briah
clock 24 October 2024 • 3 min read

Highlights

COVER Survey: Advisers damning of protection insurer service levels

COVER Survey: Advisers damning of protection insurer service levels

"It takes longer than ever to get underwriting terms"

John Brazier
clock 12 October 2023 • 5 min read
Online reviews trump price for young people selecting life and health cover

Online reviews trump price for young people selecting life and health cover

According to latest ReMark report

John Brazier
clock 11 October 2023 • 2 min read
ABI members with staff neurodiversity policy nearly doubles

ABI members with staff neurodiversity policy nearly doubles

Women within executive teams have grown to 32%

Jaskeet Briah
clock 10 October 2023 • 3 min read