Buying a home in the UK is not as straightforward as it might once have been. In fact, people in their mid-30s to mid-40s are three times more likely to rent now than 20 years ago. With more people renting at a younger age, this trend could see people over 50 continuing to rent privately instead of owning a home of their own.
So, if you already rent now, you’re more likely to continue renting as you age. What does this mean for your future? And could life insurance help give you some financial security? Let’s have a look.
How many over 50s in the UK actually own their own home?
According to the ONS, a quarter of people aged 16 to 64 rent privately nowadays instead of owning a home outright or having a mortgage. That’s up from 1 in 10 in 1993. In fact, one in three of the millennial generation (those born between the mid-1980s and the mid-1990s), are expected to never own their own home and many could be forced to live and raise families in insecure privately rented properties.
With home-ownership rates declining at younger ages, we could see more people renting in their later years in the near future.
How much does the average person spend on rent in the UK each month?
Currently, there are about 8.5 million people renting privately in England. Between March 2019 and 2020, the average cost of renting a house in the UK increased across most regions. Not only that, but private-sector rents in England hit a record high of £700 a month towards the end of March 2020. That makes housing in the UK more expensive than other European countries.
Why is life insurance important while renting?
Whether you have considered buying life insurance in the past or you’re just now starting to think about it, securing life insurance could make all the difference to your loved ones if you’re a renter.
When we pass away, our loved ones may inherit some debts or final expenses we had. So, if you were to die suddenly, your family could find themselves struggling to pay for your funeral, final expenses, or household bills. Life insurance is one of the ways you could help with these expenses. With the right protection in place, you can relax knowing your loved ones will have some help in place when it’s needed most.
Could over 50 life insurance pay for my funeral?
According to our Funeral Report, the average cost of a cremation is £3,673.73, while the average cost of burial is currently £4,358.87. In the last five years alone, the cost of funerals has risen by 5%. If you’re worried that you don’t have enough savings to pay for your funeral, our Over 50s Life Insurance could help you to cover the cost.
What kind of legacy can I leave behind if I don’t own my home?
As you age, you may begin to think about your family, and what kind of legacy you want to leave behind. In some cases, people might want to leave some money or their homes to their loved ones when they die. But what do you do if you don’t own your home or have many assets? Not only could over 50s life insurance help you provide some financial protection for your family, but it could also help you to leave behind a legacy that you’re proud of.
The payout from your life insurance policy could be used as a gift for your beneficiaries to spend as they wish. If you have a particular way that you’d like your loved ones to spend the money, you can indicate so in your Will.
Get peace of mind today
With the right protection in place, you can leave behind a legacy to be proud of and have some peace of mind knowing your loved ones will be looked after. Over 50s life insurance is a straightforward way to help pay for your funeral, final expenses or to leave behind a gift for your family.
With British Seniors, our Over 50s Life Insurance is guaranteed acceptance for any UK resident aged 50-80. And you can secure your policy online or over the phone in minutes.