People who live alone are less likely to be insured than those who live with a partner or children, Yorkshire Building Society has found, as it highlighted the importance of insurance to help protect yourself and loved ones.
As Valentine’s Day approaches, the mutual’s survey of 10,000 people found that those living with a spouse were most likely to insure their home. Nearly three-quarters (73%) have home insurance, compared to just over half (55%) of those living alone.
Parents with children under 18 were most likely to have life insurance (50%), followed by those living with a spouse (38%) or partner (33%). Only 18% of those who live alone have cover.
The Society warns that while living with loved ones often encourages people to protect each other, single people may be more exposed to life shocks – such as serious illness or home damage - which can lead to high, unplanned costs.
A year ago, after its research showed a third (31%) of those with no home insurance cited cost as the main barrier, the mutual introduced commission-free life and home insurance in partnership with Uinsure and LifeSearch. The move has already helped members reduce their premiums and save more than £2m collectively.
"It’s natural to want to protect the people you love, but we also want to encourage those who live alone to think about protecting themselves, too. Peace of mind shouldn’t depend on your relationship status," Tina Hughes, director of savings and digital at Yorkshire Building Society, said.
