Do I need life insurance as a renter?

Life insurance is frequently set up when someone initially enters the housing market and obtains a mortgage. This is to ensure that the loan will be settled in the event of their passing. However, having a mortgage isn’t the only reason to purchase life insurance; renters may also find it beneficial. More than 4 million Brits live in rental housing, which accounts for 19% of all households in the country. Renter’s life insurance could provide a cash payout to support those who depend on you financially if the worst were to happen to you.

Renting and my family

If you are a renter and also a parent, life insurance could be important for you. Only 41% of parents between the ages of 23 and 39, according to research from Legal & General, have life insurance. This leaves 59% of young families exposed in the event that the financial provider or providers pass away. Some policies provide lump sum payments for you and your family in the event that you are diagnosed with a terminal illness with a life expectancy of fewer than 12 months.

What kind of policy is best?

Term life insurance and whole-of-life insurance are the two most common types. Whole-of-life insurance pays out regardless of when you pass away. This is in contrast to term life policies, which protect you for a set period of time. They only pay out if you pass away within the policy dates. What kind of policy is suitable for you will depend on your unique situation.

Considering life insurance requires you to consider the impact of death or illness on your family. This is not always easy. Despite this, it is vital to safeguard your family and future-proof them against financial hardship. Visit our website to compare the best life insurance options available to you. Get a free, no-obligation quote, and rest easy knowing that your family is covered.