The High Wire Britain research was undertaken by market research specialists Ipsos MORI, on behalf of Scottish Provident, to investigate consumer lifestyles and attitudes. The majority of homeowners surveyed (89%) believe owning your own home is important for a reasonable standard of living and out of these, 12% believe that it is absolutely critical.
Of those questioned, 61% in rented accommodation said they would be greatly affected if they were to suffer from a serious illness and were unable to work for six months or more, as opposed to only 54% of those who owned their own home. So homeowners may feel the most secure, but this sense of security could be misplaced, in reality they have the most to lose.
Susan Barclay, head of marketing at Scottish Provident, commented: “Owning their own home may provide clients with a sense of security, but unless it is properly protected, it will be a false one. When facing a serious life event such as being made redundant or a debilitating illness, battling to keep a home can be incredibly stressful.
“The reported number one obstacle to holding life cover is cost with 44% saying that it’s too expensive, and 11% saying that they would rather spend their money on other things. When it comes to cost, we know it’s about perception - Protection may not be as expensive as your clients think. Cover on a budget – often known as Family Income Benefi - it is worth discussing with your clients where cost is an issue.
“Our homes may be our castles, but it would be foolish to think they can protect us from the worst case scenario. You have to ask your clients – if it happened to them - would they rather lose their home or their mortgage?”
