Renting? Time to rethink your safety net
What cover is available for renters if they are injured or become seriously ill?
If you’re renting your home, have you thought about what might happen to your tenancy if you were to be injured, become seriously ill or even pass away? Knowing you and your loved ones are financially protected can be a heavy weight lifted.
Protection insurance from Aviva can help do just that. Our main protection covers – life insurance, income protection, and critical illness – are there to support you if something goes wrong, so that you don’t have to dig into your savings or rely on help from relatives.
How do I decide how much protection I need?
Your main monthly outgoings will help determine how much protection cover you need. If you’re a renter then rental payments will likely be your biggest expense, but there will be other things such as bills, food, childcare, travel costs, council tax, and memberships and subscriptions. If you do have savings then you can factor these into your calculation.
These costs will help determine how much you and your loved ones will need to get by every month if you were unable to work because of an illness or injury or if you were diagnosed with a critical illness. In the case of life insurance, the calculation will determine how much money is left behind if you were to pass away.
If you’re thinking about getting life insurance and want to work out how much cover you might need, then why not try our life insurance calculator?
Can income protection cover my rent?
The short answer – yes! If you’re unable to work due to illness or injury, then keeping up with the rent could be a challenge. Income protection would pay you a percentage of your salary to help with your outgoings, including rent. With Aviva you could get up to £1,500 a month for up to a whole year. This would help you cover the costs of renting and other everyday expenses, letting you focus on your recovery.
Why might renters need critical illness cover?
If you were diagnosed with a critical illness then you could be unable to work for a long time. Your employer might not have to pay your full salary if you’re off work and there may be a limit to how long you get sick pay. As a renter, this could mean you'd struggle to pay the rent and other outgoings. Critical illness cover could remove this financial uncertainty – if you were diagnosed with one of 52 conditions you’d get a lump sum payment designed to cover your and your loved ones' costs.
Do I need life insurance if I don’t have a mortgage?
You may think that you only need life insurance if you’ve got a mortgage to pay off. But there are other financial commitments to think about, especially if you and your loved ones are renting. Life insurance would help pay for things like rent payments, bills, loans, and other everyday expenses. It’s an invaluable form of protection if you or your partner were to pass away.
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