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...

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