{"id":72247,"date":"2019-10-28T13:55:38","date_gmt":"2019-10-28T13:55:38","guid":{"rendered":"https:\/\/www.templewealth.co.uk\/?p=72247"},"modified":"2020-09-23T15:53:44","modified_gmt":"2020-09-23T15:53:44","slug":"rental-protection-plans","status":"publish","type":"post","link":"https:\/\/www.templewealth.co.uk\/rental-protection-plans\/","title":{"rendered":"Rental Protection Plans"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"768\" src=\"https:\/\/www.templewealth.co.uk\/wp-content\/uploads\/2019\/10\/bright-colorful-colourful-268941-1024x768.jpg\" alt=\"\" class=\"wp-image-72249\"\/><\/figure>\n\n\n\n<p class=\"has-text-align-center\"><strong> Because it\u2019s more than just a house, it\u2019s your home\u2026<\/strong><\/p>\n\n\n\n<!--more-->\n\n\n\n<p>As mortgage advisers, we look\nat life assurance as part of the process, but in reality, we aren\u2019t protecting\nthe mortgage, we are protecting your family or lifestyle, or both! <\/p>\n\n\n\n<p>Having been involved in the\nfinancial services profession for some time now, I understand how important\nthis differential is, and actually, taking out some form of life assurance is\nnot just for people with mortgages, but for those who rent too.&nbsp; <\/p>\n\n\n\n<p>Renters still have monthly\npayments to make and bills to pay plus they are still at risk of life throwing\nthem a curve ball too. &nbsp;<\/p>\n\n\n\n<p>Whether people own their\nproperty or are one of the growing number of people who choose to rent, it\u2019s\nmore than just a house, it\u2019s your home. It is important that when life happens,\nthe financial impact is taken care of so you can deal with the emotional side. <\/p>\n\n\n\n<p>Most people who own their home\nhave taken steps to address this but alarmingly, a large percentage of those\nwho rent have not and invariably, if that curve ball strikes, they could find\nthemselves just one rental payment away from being evicted. That\u2019s not ideal,\nso let\u2019s look at why those who choose to rent their home should also consider protection\n\u2013 to help them when they need it most so they do not lose the roof over their\nhead or their lifestyle should something go awry.<\/p>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">The number of people who rent\nin the UK has doubled in the last 10 years and there is an increasing trend\ntowards renting. <\/p>\n\n\n\n<p>UK rents are expected to climb\nby over 15% in the next 5 years, and 7 out of 10 renters have said they are\nlikely to buy a property of their own in the future.&nbsp; Insurance policies associated with protection\nare usually based on your age and health at the time of taking out the cover.\nSo, surely it makes sense for these policies to be taken out as soon as there\nis a requirement? Most plans can be adapted to go some way towards future\nproofing your needs.*<\/p>\n\n\n\n<p><strong>It\u2019s important to be protected as you are contracted to make the rental payments for the length of your lease. You also have bills to pay too: broadband, mobile, energy, water, council tax \u2013 &nbsp;there\u2019s no getting away from them! <\/strong><\/p>\n\n\n\n<p>Going into arrears could\naffect your chance of a new tenancy or gaining a mortgage and could also mean\nyou get evicted.&nbsp; With housing costs\nmaking up around 40% of income, and with rents likely to increase over the\ncoming years too, if life happens, consider how long could you and your family\nsurvive.<\/p>\n\n\n\n<p><strong>Chatting with a protection specialist can help you identify what steps you need to take that are specific to your situation.&nbsp; <\/strong><\/p>\n\n\n\n<p>A single person will have different requirements to that of a couple, or those with families, so there is no \u2018one size fits all\u2019 approach.&nbsp; Some people can rely on savings to tide them over, others may not have that option or would resent using that money for this purpose. Would you like to see your\nsavings being used for a purpose other than what you intended? Maybe you had\nbeen saving hard for a house deposit\u2026 <\/p>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">Getting the right cover with\nthe right company can be a minefield. It\u2019s not that simple, so surely it\u2019s\nbetter to work with someone who knows the way, rather than try and make it\nacross on your own?!<\/p>\n\n\n\n<p>Everyone will have different\nneeds and that\u2019s how a protection adviser can help you choose the protection\nthat fits your lifestyle. Some insurers have recognised this and have designed a\nproduct specifically for this \u2013 but looking at a bespoke solution should also\nbe considered. There are a range of policies out there which can address needs\neither under one roof, or separately if this is better for you. By consulting\nwith one of the protection specialists at Temple you will know what\u2019s possible,\nestablish a budget, and make an informed choice without any pressure or\nobligation.&nbsp; <\/p>\n\n\n\n<p>Life Assurance plans typically\nhave no cash in value at any time and cover will cease at the end of the term.\nIf premiums stop, then cover will lapse.<\/p>\n\n\n\n<p class=\"has-very-dark-gray-background-color has-text-color has-background\" style=\"color:#9f9162\">For more information on how we can help you with any of your protection needs, contact Temple Wealth Management on 01305 213150, or send a message to our <a href=\"http:\/\/www.facebook.com\/templewm\">Facebook <\/a>or <a href=\"https:\/\/www.templewealth.co.uk\/contact-us\">Contact Us <\/a>page.<\/p>\n\n\n\n<p><em>*statistics sourced from Legal &amp; General product literature<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Because it\u2019s more than just a house, it\u2019s your home\u2026<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[39,40],"tags":[71,70],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - 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