According to research from Vitality, 63% of those who have moved house have looked at their protection but made no changes.
The report noted that more people buy protection when they buy their first home, with 21% opting for life insurance, 23% selecting income protection and 26% opting for vertical serious illness cover at this life stage.
Vitality said this suggests that even though people are taking out protection, they are leaving it “untouched”, which could leave them exposed to gaps in cover as their financial responsibilities change.
It continued on to say that this was a “clear opportunity” for advisers to help clients ensure that coverage is still suitable for customer needs.
The firm said it was not just about updating details but also ensuring that the protection in place “genuinely reflects their current circumstances”, so exploring options like income protection or serious illness cover is important.
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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.”
