{"id":13006,"date":"2023-03-23T09:29:27","date_gmt":"2023-03-23T09:29:27","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=13006"},"modified":"2023-03-23T09:29:38","modified_gmt":"2023-03-23T09:29:38","slug":"renters-tune-in-income-protection","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2023\/03\/23\/renters-tune-in-income-protection\/","title":{"rendered":"Renters tune in \u2013 income protection"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>The number of households renting privately in the UK increased by 63% in the decade to 2017<\/strong><strong><sup>1<\/sup><\/strong><strong>, reaching an estimated total of 4.5 million. As the rising cost of living continues to cause difficulties for many, the importance of protection becomes increasingly apparent.<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Safety net<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Tenants in the private rental sector generally have lower financial resilience than homeowners; recent research<sup>2<\/sup> revealed that 14% of private renters have no savings at all, compared with 8% of mortgage holders.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Despite this, almost three quarters of renters don\u2019t hold any protection products<sup>3<\/sup>. Missing out on the crucial safety net that protection provides is part of the reason more than twice as many renters (29%) as mortgage holders (14%) would expect to apply for state benefits if they were unable to work.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>What can I do?<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>More than two thirds of private renters are worried about losing their income if they could not work due to an illness or injury. Thankfully, there is a remedy for these fears.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>Income protection is a financial safety net that provides you with a tax-free income if you are unable to work. If accident or injury are keeping you away from your salary, income protection steps in at the end of your chosen deferred period to help make sure you and your loved ones don\u2019t suffer undue financial hardship.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Tough times<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>In the current turbulent economic environment, the value of income protection is clearer than ever. As rising prices diminish savings pots, private renters become more vulnerable to financial shocks and missing rent payments. Having the right protection in place for your unique needs can help provide valuable peace of mind.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>Office for National Statistics, 2022&nbsp;&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>2<\/sup>FT Adviser, 2022&nbsp;&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>3<\/sup>Financial Conduct Authority, 2022&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.<\/strong>&nbsp;<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The number of households renting privately in the UK increased by 63% in the decade to 20171, reaching an estimated total of 4.5 million. As the rising cost of living continues to cause difficulties for many, the importance of protection becomes increasingly apparent.&nbsp; Safety net&nbsp; Tenants in the private rental sector generally have lower financial [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":13007,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,91],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/13006"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=13006"}],"version-history":[{"count":3,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/13006\/revisions"}],"predecessor-version":[{"id":13011,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/13006\/revisions\/13011"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/13007"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=13006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=13006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=13006"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=13006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}