The past decade has seen a huge rise in the numbers renting as opposed to buying. But worryingly, the protection industry is not currently set up to handle generation rent, writes Neil McCarthy.
While some renters understand the need for protection and are happy to buy online, the reality is that the bulk of protection policies are ‘sold', and most of these are sold alongside a mortgage, not a rental contract. It's true that the aggregator market is picking up, but their impact in protection sales is far less than almost any other financial product and a long way from filling the gap. According to Swiss Re the mortgage market typically makes up between 35%-55% of total new term sales and as a result ‘generation rent' has historically not been an issue as, leaving aside prime ...
To continue reading this article...
Join COVER for free
Signup and gain exclusive members-only insights
- 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.
