The percentage of households privately renting in the UK is ‘on the up’ according to a report published by the Department for Work and Pensions earlier this year and the percentage of 35-44-year olds privately renting has more than doubled in the last ten years. If you're one of the millions of people in the UK who rent their homes, you may not have thought about things like life insurance - as often it’s when people buy a home that they're prompted into action. Scottish Widows have revealed that 84% of private renters have no life cover and they say that this could be putting ‘Generation Rent’ at risk of eviction and financial hardship due to the lack of having a financial back-up plan.

With just 16% of private renters surveyed having life cover (compared with 50% of mortgage holders) this means huge numbers of renters are worryingly under-protected.

Unfortunately, financial protection seems to be far down the priority list for renters: 80% view a mobile phone as essential, yet only 28% think the same about life cover, and just 21% think critical illness cover is a necessity. This is despite 56% having dependents (children under the age of 16), and 30% admitting they wouldn't be financially secure if their household lost its main income.

As a parent, I know how difficult it can be financially to provide for a family and juggling competing financial priorities is one reason that people say they haven’t got life cover in place.

However, what I don't understand is, why should people who rent their homes be prompted to consider what they would do if the worst were to happen, any less than those who are buying their home with a mortgage? We all share the same sense of financial responsibility to make sure that our families have a roof over their heads. Let's say you or your partner were unable to work for six months or more, or even worse, one of you passed away – would you be able to cover the bills on a single income? Over a third (35%) of respondents wouldn't be able to, with 36% saying they could only afford to pay bills for five months, while 13% couldn't pay anything at all.

Therefore, whether you are renting or otherwise, consideration of the right protection cover for your financial needs is important.

Johnny Timpson, Scottish Widows' protection specialist, commented on their findings: "Renters are not prompted by a house purchase to look at how they and their families would manage financially if they were to die or become seriously ill. But while they don't have a mortgage to pay, they still have financial obligations, not least the monthly rent and regular household bills.

"Having a financial plan in place will help protect their living arrangements in this type of eventuality and give greater peace of mind about avoiding eviction and being able to keep up with their regular outgoings."

No one likes to think about the worst happening, but sadly the reality is that more than one in four (27%) families have experienced a loss of income due to ill-health, serious illness or death of a long-term partner, according to a study published by Aviva. They found that of those families who found themselves in a situation where they had to deal with financial loss, one in five (19%) had to change their living arrangements by downsizing, moving back in with family and such like. Sadly, 20% of those without a plan in place didn’t think they would ever recover or had no idea how long it would take.

So, it’s important to make sure your family is not financially exposed – if you've yet to arrange some form of life insurance, critical illness cover or income protection, we could help you make sure you are protected. Our experts will listen to your needs and can offer you advice about the right type of protection insurance for your circumstances. To speak to an expert, you can call us on 0800 612 8005 or click here to provide your contact details and we’ll call you back.