June 1, 2018

 

hands protecting home

Who’s going to Pay the rent?

Generation Rent

Generation Rent, the name coined by the media, is growing as properties become out of reach in price. Are we becoming a nation of renters?

A recent report from the Resolution Foundation mentioned that one in three millennials will never own their own home, and that renters can be evicted with just two months’ notice.

Half of these renters will be renting in their 40s with a third of those, still doing so by the time they claim their pensions.

“Housing and mental health are often linked,” says Paul Spencer, a policy manager at Mind. “The lack of security in rented accommodation can be damaging for mental health and involuntary home moves can have a particularly severe effect.”

One couple interviewed in the Guardian newspaper said, they would love to own a home, but with nearly half the couple’s income going on rent, they doubt that they ever will. If they had a mortgage, they would be paying less every month than in rent. But without any savings for a deposit, it leaves them always out of reach of owning.

Insurance is not just for homeowners.

Who pays the rent if you are too ill to return to work?

Income Protection Insurance – Income Protection Insurance helps to protect your income if you were unable to work as the result of an accident or sickness.
Income Protection Insurance could provide you with a tax-free income and could continue to pay out until you are able to return back to work or until you retire.

We can help you find the right policy that fits your budget and circumstances, ready to protect your home should the worse happen. One less thing to worry about leaving you time to get better.

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Next steps

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Any quote that your adviser provides you with will take into account to your circumstances, your medical history, as well as your budget!

An on-line quote is just that – a quote – it isn’t a definite offer of cover. What really matters is the premium you are offered, after your application has been assessed.

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Feature written with acknowledgement and thanks to The Guardian newspaper, Mind the Mental Health charity and the Resolution Foundation.