New data released by Vitality has revealed that while parents are making decisions for their family when buying homes, such as prioritising space, proximity to family, and access to good schools, many are overlooking a critical safeguard: protection insurance.
With 43% of parents saying they bought their home to give their children more space, it’s no surprise that family needs are a major factor in parents’ decision-making. Yet only one in five (19%) actively planned for protection cover when purchasing their home, even though 43% say they’d want protection insurance to help keep life “normal” for their family if they were unable to work due to illness, and seven in ten (69%) say they would want it to cover mortgage payments.
Vitality research also found that if they lost their income tomorrow, the median time parents say they could continue paying their mortgage is just 4.5 months. The emotional toll is just as stark, if they became too ill to work, 60% said they’d fear losing their home, while half (50%) said they’d worry about losing the ability to maintain a sense of normalcy for their children. For nearly a third (29%), that would mean cutting back on their children’s activities and routines such as dance classes, football kits, and birthday parties.
Among parents who already have protection cover, most took it out to meet financial obligations, such as covering the mortgage debt (33%) or to ensure financial stability during illness or job loss (33%). A quarter said the main reason they took it out was because it was recommended by my mortgage adviser or lender (27%). Yet just 19% of parents said they did so to protect their family’s lifestyle, and only a small fraction associated it with preserving routines (7%) or supporting their children’s activities (6%).
Andy Philo, director of strategic partnerships at Vitality, said: “Family life is often unpredictable and hectic, with parents balancing work, home, and the needs of their children. Amongst busy routines and changing circumstances, it can be easy to overlook the importance of looking after your health. Taking steps to improve and support your health, both now and in the future, makes a real difference not only to your own wellbeing but also to your family’s security and happiness. By prioritising healthy choices and planning ahead, parents can help ensure they are better prepared for whatever life brings.
“Protection isn’t just about paying the mortgage; it’s about safeguarding the life you’ve built and keeping things as normal as possible for your children, even when the unexpected happens. Having the right support in place means your family can maintain stability and you can get back on your feet and return to work more quickly, so you can continue focusing on what matters most.”
