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Life insurance not a priority for home movers, says TSB

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Only 11% of people make life protection a top priority when buying a new home, according to new research from TSB.

Home insurance is a top priority with 81% of people ranking this as one of their top 3 priorities, along with furnishing the house (78%) and redecorating (76%), but only a third worry about having life protection in place (33%). Life protection did, however, rank as more important than having extra TV channels installed.

According to the research, just over half (53%) of respondents worry about what would happen to their loved ones if they were hit with a critical illness, yet despite this only two fifths (39%) have protection in place. Of those who do not currently have life protection cover, a third (32%) think taking out a policy is too expensive, almost a third (31%) do not think they need life protection yet, however a seventh (15%) do not think life protection is important at all.

Having life protection in place peaks when Brits hit the 35-44 age bracket with just under half (47%) having the protection in place, but overall, three fifths of respondents (61%) do not have protection in place.

Ian Ramsden, TSB’s Mortgage and Protection Director, says: “We think it is vital that people have the right cover in place to provide comfort and reassurance for their family in difficult times. We want to make sure everyone thinks about their protection needs when they are buying a new home. The research shows consumers are not aware of the impacts of being protected. Although it is promising to see people think having protection in place is twice as important as having extra TV channels, it’s worrying to think it is only half as important to them as furnishing their new home.”

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