Protection  

Renters proving 'elusive' for protection

 

Brokers and advisers need to think about how they can make protection attractive to a growing generation of renters.

The average age of first-time buyers has risen from 31 to 33 over the past decade and there have been predictions it could rise to 40 within the next decade.

This means people will be renting for longer, and Craig Brown, director of Legal & General Intermediary, said advisers and brokers should consider this issue.

He said: "Around half the protection in the UK is sold in conjunction with a mortgage and a large proportion of that is with first-time buyers. I think brokers are well used to selling protection to different aspects of the market but renters is one that has certainly eluded them.

"I don't think it's necessarily doing things in a different way but the question is how we talk to this audience in a different way and make protection more engaging and more relevant for their lives as renters."

Mr Brown said data showed around a quarter of people would be renting by 2023 and said renters had traditionally been under-served by the protection industry.

damian.fantato@ft.com