Buying your first home is one of life’s biggest milestones – and for many people, it’s also the moment they first consider financial protection.
According to new research from Vitality, nearly one in four UK adults (23%) took out Income Protection after stepping onto the property ladder.
The survey of 2,000 adults revealed that home ownership was the most common reason for purchasing cover, with:
21% choosing Life Insurance
23% opting for Income Protection (IP)
26% taking out Critical or Serious Illness Cover (CIC/SIC)
Other key life events, such as getting married or having a child, were also found to be major triggers for taking out protection.
The Problem: Policies Left Behind
While these decisions are often made at pivotal life stages, many people don’t revisit their cover as their circumstances change. Vitality’s research revealed that:
1 in 4 policyholders have moved house since first taking out protection
Yet, 32% have never reviewed their policy
And 63% looked at their policy but made no changes
This gap leaves many people with outdated cover that may no longer fit their current lifestyle or needs.
And this should be your PRIORITY! Sort it out, before it's too late for you to be able to do so.
Why Regular Reviews Matter
Andy Philo, Director of Strategic Partnerships at Vitality, stressed the importance of keeping policies up to date:
“Having protection that reflects life changes is essential – not just for peace of mind, but to ensure the right level of support when it’s needed most.” He went on to explain that a simple review can highlight whether existing cover is still sufficient – and could even uncover opportunities to strengthen protection with additional options such as Income Protection or Critical Illness Cover.
The Takeaway
Life doesn’t stand still – and neither should your financial protection.
Whether you’ve bought a new home, had children, or taken a big step in your career, it’s a 'must do' to keep checking in on your policies to make sure they’re still doing their job.
Your policies will only pay out the amount you need ... if they are fit for purpose.
After all, protection only delivers its full value when it evolves alongside the life it’s meant to safeguard.
A free policy (and Trusts) review can be started simply by contacting us via the enquiry form below.
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