If you were unable to work, who would pay your rent?
With the average rent at £865 per month in the UK* and statutory sick pay (the minimum amount an employer must pay) at just £92.05 per week for up to 28 weeks**, many people will face a huge shortfall between income and expenditure should the worst happen.
It’s not something we like to contemplate, but protecting your rent could turn out to be a blessing, should any of the following affect you, putting your home in jeopardy:
- Serious illness such as cancer, stroke or heart attack
- Injury including trips, falls and back pain
- Stress, depression or anxiety
Georgina Wakeman, Joint Lettings Director at Davis Tate comments, “Only 7% of UK employers offer protection income to their employees, which means a staggering 93% are left without protection. Taking out an income protection policy can offer huge peace of mind to tenants, knowing that should they find themselves in a position of not being able to pay their rent, they will not lose their home. The average savings pot is typically £2,004, so in most cases, not a long-term solution.
Our partners, Embrace Financial Services can help you protect your income ensuring you can pay your rent and keep your home.
Having found a home you love, Davis Tate can help you protect your rent and your home with the following:
Critical Illness Insurance
- Pays a lump sum or a regular income if you are diagnosed with a 'critical illness', as specified in the policy terms and conditions.
- The lump sum or regular income can be used towards meeting your rent and bills, or could cover the costs of any additional medical requirement you may have.
- You can take the time needed to recuperate fully without the anxiety of worrying about money.
Income Protection Insurance
- Replaces a proportion of the income you lose if you cannot work due to sickness, stress or accidental injury.
- Provides peace of mind knowing your rent is covered
- A lump sum left to your loved ones in the event of your death.
- Affords them the time needed to grieve without worrying about returning to work or having a financial burden.
All our insurance policies are underwritten by AVIVA - one of the largest insurers in the UK.
For more information about tenant income protection, please contact your local Davis Tate lettings team.
*Source: LSLI BTL Index 2019 ** https://www.gov.uk/statutory-sick-pay
Embrace Financial Services Ltd usually charge a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity.
Mortgage and protection advice is provided by Embrace Financial Services Ltd., an Appointed Representative of PRIMIS Mortgage Network (PRIMIS) a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products only. Any other product or service offered by Davis Tate may not be the responsibility of PRIMIS and may also not be subject to regulation by the Financial Conduct Authority. Davis Tate Ltd. is an Introducer Appointed Representative of PRIMIS.