| Many young mortgage holders are playing a risky game as they have no protection cover in place | 57% of young homeowners would be in financial difficulty within six months if they lost their income | Mortgage payments require consistent income, so protection offers vital financial security and peace of mind |
Some three in 10 homeowners aged between 18 and 34 have no protection cover in place, a new study suggests1, a risky game for a generation at a critical point in building their financial resilience.
Many young mortgage holders are neglecting the full spectrum of essential cover, the survey found, including life insurance, critical illness and income protection.
Real consequences
As a homeowner, protection is a vital safety net, as mortgage holders must contend with a large monthly expense that needs to be met come what may.
In the event that they lost their income due to sickness or injury, some 57% of young mortgage holders said they would be in financial difficulty within six months. Worse yet, one in seven would immediately struggle to meet mortgage payments.
Proactive risk management
The solutions proposed by respondents to deal with this loss of income ranged from taking on extra work (29%) to lowering their savings or pension contributions (23%). Some 12% said they would consider a bank loan.
Rather than rely on uncertain responses that have the potential to worsen financial vulnerability, many mortgage holders instead choose a simpler and more proactive approach – taking out protection cover.
Don’t risk it
Whatever your financial situation, we can help you find a policy that suits your circumstances and budget. With plans starting from just a few pounds a month, protecting your financial future is simple and affordable.
1LifeSearch and Homeowners Alliance, 2025
It is important to take professional advice before making any decision relating to your personal finances. Information within this article is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored advice and is for guidance only. Some rules may vary in different parts of the UK.