Over half (54%) of 18 to 34-year-old homeowners have life insurance, however only 15% of this group understands income protection.
A survey has found that 30% of young borrowers have not got any protection insurance in place. It is therefore concerning that 14% believe they would have difficulties keeping up with their mortgage payments as soon as they became unable to work due to injury or illness. Meanwhile, 57% of 18 to 34-year-olds would struggle within six months of losing income.
When asked what they would do in the event of illness or injury, 29% of young homeowners said they would attempt to take on additional work, while a quarter (23%) would reduce contributions to their savings or pensions pot.
Paula Higgins, CEO at HomeOwners Alliance, commented, “For young homeowners, the stakes are high: many have stretched to afford their property and their financial resilience is often still being built.”
No one likes to think about being affected by illness or injury, but going without essential protection could put you and your loved ones in a vulnerable position. Don’t leave it up to chance, talk through your options with us.
As with all insurance policies, conditions and exclusions will apply. Your home may be repossessed if you do not keep up repayments on your mortgage.
Sources:
https://protectionreporter.co.uk/lifesearch-54-of-18-34-year-old-homeowners-claim-to-have-life-policies-but-majority-dont-know-about-ip.html
https://www.ftadviser.com/critical-illness/2025/6/2/nearly-a-third-of-young-mortgage-holders-do-not-have-protection/
