Have you considered life insurance for your tenants?

happy family

Letting agents have received advice in both the run up and since the implementation of the Tenant Fee Ban and are often being advised to look at their business processes and consider their overall offering to tenants.

At Tenant Shop we work with letting agents to help reduce workload and improve profitability by using our services, but we also give you access to additional routes to revenue that will be a key component in this new landscape that we find ourselves in.

As well as the traditional services that you know us best for, such as utility management, notifications and resolving billing issues, we also offer a fully automated void solution in partnership with ScottishPower, that offers up to 45 days no standing charge on a bespoke landlord tariff and a seamless transition for tenants.

In addition to these, we’re now delighted to introduce another line of business, offering you the opportunity to earn additional revenue through our financial protection products, including Life, Critical Illness Cover and Income Protection.

You may well have heard of the ‘protection gap’, a term often thrown around along with ‘Generation Rent’, but this gap is all too real.

A 2019 study by Sainsbury’s Bank has found that tenants are significantly less likely to have life insurance or critical illness cover than homeowners. Only a quarter of renters (26 per cent) are likely to have a life insurance or critical illness policy in place compared to almost half of homeowners (41 per cent) the study found.

We are all aware that people are renting longer with more families living in the PRS, but without the traditional trigger of a mortgage often this key insurance cover is not taken out.

The Sainsbury’s Bank study also pointed out that despite being less likely to have life insurance or critical illness cover, 54 per cent of renters are more concerned than homeowners (48 per cent) about the financial implications should they pass away before old age. One in five (21 per cent) of renters living in private accommodation worry about this situation on a weekly basis compared to 16 per cent of homeowners.

At Tenant Shop we have an offering specifically for renters, which is now available to you and your tenants.

Whilst no one can predict what may happen in years to come, whether renting or buying, home moving is a key life event and the perfect opportunity to arrange cover. So, whilst renters are considering the best options for their broadband, energy tariff and contents cover, why not consider the gap and think life insurance too, benefiting agents and tenants planning for the future.

If you are interested in speaking to Tenant Shop about our protection cover options, or any of our other products and services, please contact the Account Management team on 0203 8239 353.

Previous Post
Rogue letting agent figures proof we need regulation say ARLA
Next Post
Regulation is coming to the property sector