What types of protection should I consider as a renter?

Your main monthly outgoings will help determine how much protection cover you need. If you’re a renter then rental payments will likely be your biggest expense, but there will be other things such as bills, food, childcare, travel costs, council tax, and memberships and subscriptions. If you do have savings then you can factor these into your calculation.

These costs will help determine how much you and your loved ones will need to get by every month if you were unable to work because of an illness or injury or if you were diagnosed with a critical illness. In the case of life insurance, the calculation will determine how much money is left behind if you were to pass away.

The short answer – yes! If you’re unable to work due to illness or injury, then keeping up with the rent could be a challenge. Income protection would pay you a percentage of your salary to help with your outgoings, including rent. With Aviva, you could get up to £1,500 a month for up to a whole year with our income protection insurance, also known as Living Costs Protection.  This would help you cover the costs of renting and other everyday expenses, letting you focus on your recovery. Typically, this is not a savings or investment product. It’ll only pay out on a successful claim, and if you stop paying premiums when they’re due or if you cancel the policy, your cover will end.

If you were diagnosed with a critical illness then you could be unable to work for a long time. Your employer might not have to pay your full salary if you’re off work and there may be a limit to how long you get sick pay. Critical illness cover can help remove this financial uncertainty. At Aviva, our Critical Illness Plan overs you if your diagnosis meets our definition for one of 52 conditions. You'd get a lump sum payment designed to help cover you and your loved ones' costs. This is not a savings or investment product. It’ll only pay out on a successful claim, and if you stop paying premiums when they’re due or if you cancel the policy, your cover will end.

You may think that you only need life insurance if you’ve got a mortgage to pay off. But there are other financial commitments to think about, especially if you and your loved ones are renting. Life insurance would help pay for things like rent payments, bills, loans and other everyday expenses. It can be an invaluable form of protection if you or your partner were to pass away during the term of the policy. This is not a savings or investment product. It’ll only pay out on a successful claim, and if you stop paying premiums when they’re due or if you cancel the policy, your cover will end.

If you’re thinking about getting life insurance and want to work out how much cover you might need, then why not try our life insurance calculator?