“‘Rent Protection’ is as important for Renters as Mortgage Protection is for Homeowners”
Ireland’s 320,000 plus long-term rental households may be in a precarious position with the absence of the financial security that mortgage protection provides to homeowners. This is according to leading protection specialist, Royal London, which says that the tens of thousands of families and individuals in long-term rental accommodation should consider how they can protect themselves financially, if they were unable to pay their rental expenses.
Royal London says it’s flagging the issue to encourage renters to consider the implications of not having protection in place to cover them if they got seriously sick and couldn’t work.
With the right type and amount of insurance in place, those who are renting can ensure that their policy will provide financial support which can help pay for rent and other ongoing expenses if they were to get seriously ill or pass away.
Royal London says long-term renters can benefit from reviewing their finances and putting a life insurance in place. This can give them protection that’s similar to how Mortgage Protection works to protect mortgage holders with a lump sum payment if a policyholder was to pass away
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