House prices in UK cities have outpaced earnings growth by 11 per cent, as affordability reaches its lowest level since the global financial crisis.¹ This puts home ownership out of reach for a growing number of people in the UK, meaning more and more households in the UK are now renting.

The rental market

• The UK’s private rented sector increased by 1.7 million households between 2007 and 2017² 
• It’s predicted that 1 in 4 household will be renting privately by the end of 2023

 Financial protection that renters have doesn’t match this growth.

• Only 26% are likely to have life insurance or critical illness cover³ 
• While 41% of homeowners have financial protection in place⁴ 

When you consider renters spend 40%⁵ of their income into covering household costs, double what a owner-occupiers would pay, having protection in place is more important than ever.

How can we help the rental market?

By creating Rental Protection Plan, exclusive to intermediaries. This is designed to pay a monthly benefit in the event of a valid claim, which could be used to help pay the rent.

To learn more about how our Rental Protection Plan could support your clients, enrol in our webinar here.  

^{1 Ftadviser.com
2 Office of national statistics
3 Cover magazine
4 Cover magazine
5 Shelter}