You are here: Home - Insurance - News -

Life insurance not a priority for home movers, says TSB

0
Written by:
05/08/2014
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.”

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
FTSE 100: This morning’s risers and fallers

Strong gains from Aggreko, Standard Life and Old Mutual helped the FTSE 100 higher on Tuesday morning as UK stocks...

Close