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Renters urged to take out life insurance to close ‘protection gap’

Tenants are being encouraged to think about taking out life insurance to close what has been described as the 'protection gap’. 

Tenant Shop, which is offering the advice, explains that a protection gap has opened up as a result of more people renting for longer and therefore missing out on the traditional life insurance trigger when a mortgage is taken out.

Research by Sainsbury's Bank, carried out earlier this year, has revealed the extent of the problem.

It found that just over a quarter - 26% - of tenants are likely to have a life insurance or critical illness policy, compared to 41% of homeowners.

The study also revealed that 54% of tenants are more concerned than homeowners (48%) about the financial implications should they pass away before old age.

Moreover, 21% of renters taking part in the research said they worry about this scenario on a weekly basis, compared to just 16% of homeowners.

Glenn Seddington, managing director, Tenant Shop, an inchora company, said: “There is a clear appetite among tenants to get the life insurance and critical illness policy they need, but they appear not to have the same level of access as homeowners. 

“Whether renting or buying, moving home is a key life event and the perfect opportunity to arrange cover.”

“Therefore, while renters are considering the best options for their broadband, energy tariff and contents cover, they should also be thinking about life insurance too.”

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