Only two in 10 homeowners have income protection policies

Statistics more "concerning" for renters

Jaskeet Briah
clock • 2 min read

Two in 10 homeowners who pay a monthly mortgage have an income protection (IP) policy in place, according to Royal London.

The provider's report, Tackling the gender pension and wealth gap, which surveyed 3,000 UK adults, found that many respondents are underprepared to pay their monthly housing costs if they are unable to work due to illness or disability. Life insurance was favoured by homeowners as 63% have life cover, while two thirds of adults have no financial protection in place should they be diagnosed with a critical illness. The statistics are more "concerning" for renters as less than one third (29%) have life cover and only 6% have IP. Jennifer Gilchrist, protection expert, Royal London, sa...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Individual Protection

Half of men uninformed on prostate cancer symptoms

Half of men uninformed on prostate cancer symptoms

45-54-year-olds had the greatest lack of awareness

Jaskeet Briah
clock 28 October 2024 • 3 min read
The COVER Review 2024: New partnerships, products and consumer trends

The COVER Review 2024: New partnerships, products and consumer trends

Episode four

COVER
clock 25 October 2024 • 1 min read
Half of drinkers to reduce their alcohol intake

Half of drinkers to reduce their alcohol intake

Aviva research finds

Jaskeet Briah
clock 23 October 2024 • 2 min read