One in four policyholders have moved house without reviewing their protection cover, research from Vitality has revealed.
This research comes as Vitality urges advisers to use Friday 29th August – traditionally the UK’s busiest day for moving house – as a timely opportunity to reconnect with clients and ensure their protection cover is adequate.
The analysis revealed that buying a first home was the most common reason people take out protection, with 21% of respondents saying this was when they took out life insurance.
A further 23% said they sought income protection, and 26% took out critical or serious illness cover.
Other key life milestones such as having a child and getting married also ranked highly as triggers for taking out cover.
However, many have failed to revisit their policies as their circumstances evolve.
The research found that one in four policyholders moved home since taking out their cover, yet 32% have never reviewed their policy, and 63% have looked at it but made no changes.
Andy Philo, director of strategic partnerships at Vitality, said: “Moving house often marks a new chapter – with new priorities and financial responsibilities.
“Having protection that reflects those changes – and reflects the life they are living today, not the one they had when they first took out cover – is essential, not just for peace of mind, but to ensure it continues to offer the right level of support when it’s needed most.
“A review of existing cover can help ensure it still fits, and may highlight opportunities to broaden protection, such as adding Income Protection or Serious Illness Cover for more comprehensive support.
“We also know that when people engage with their cover they’re more likely to keep it in place and benefit from the full value of their policy, including rewards, premium discounts, and improved wellbeing outcomes. Yet protection can only deliver its full value when it evolves with the person it’s designed to support.”
