Renters V Mortgages holders
Renting V those who have a mortgage
38% of renters have some form of financial protection compared to 60% who have a mortgage
With the cost of buying a house continuing to rise in Donegal and across the country, many families have no choice but to continue renting a property to live in. 850,000 people across the country now say that they are living in rented accommodation.
These people are paying a significant amount of their income on rent, with the average rent nationwide standing at €1,261 per month, the average in Donegal is €594 monthly. (Source: The Daft.ie Rental Price Report – 2018 Q1).
Only 2 months
In research conducted by Coyne (2017) on behalf of Irish Life, they found that just 38% of renters have some form of financial protection compared to 60% of those who have a mortgage. Almost 2 in 3 renters believe that their landlord would allow only 2 months of missed or reduced rent payments before taking action.
So what to do?
Most people think that Life Cover gives financial security to their family should they die. But, what happens if you don’t die but are unable to work and earn your salary?
‘Living Benefits’ can help financially, if you are diagnosed with a serious illness, have an accident or incur an injury which prevents you from working. You can get a lump sum and or a monthly amount to help fund the rent payments as well as other household costs.
You need to protect your family.
Protecting your family with Life Cover & Living Benefits is one of the most important financial decisions you can make. It could help to maintain their standard of living and make sure that your family have all the opportunities you would love them to have.
It’s worth getting professional advice when it comes to something as important as protecting your family, so if you have any questions or would like to discuss this important topic please contact me today.