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Nine in ten UK households not covered for loss of income, critical illness

The home is among the most treasured possessions of the average British family but despite that almost all households across the country fail to properly protect it, Aviva says.

The latest research from the insurance company shows that 92 per cent of households do not have income protection cover and the share of those without critical illness cover is nearly the same (89 per cent). This means over 11 million. Britons are at risk of losing the roof over their heads in the case of an unforeseen event which could render one of the family members unable to provide for mortgage repayments or rent.

Although the proportion of people with a life insurance policy is higher, it is still well below half of the population in need of protection. A total of 8.2 million Brits (or 65 per cent of family members in need of cover) do not have life insurance. With the average family having to spend £505 each month on housing (rent or mortgage repayments), this is a big risk to family homes Aviva stresses.

Louise Colley, Managing Director, Protection at Aviva said: “Aviva research confirms that British families have an emotional attachment to their homes. They own over £30,000 worth of belongings, with the value accumulating over their lifetime. “However, a significant proportion are failing to keep not just their homes and valued possessions protected, but also themselves. Not having appropriate insurance leaves families at risk of falling into debt – or worse, losing their homes-should the main bread winner become unable to work.

“We’d urge every family to check their financial foundations to assure themselves they are secure and protected against all eventualities.”