Singles Risk Being Under-Insured While Couples and Families More Likely to Protect Each Other

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. 

Tina Hughes, Director of Savings and Digital at Yorkshire Building Society, said:  “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.

“Living on your own can mean a heavier financial burden, with no one to share the rent, mortgage or energy bills. Nearly half of people living alone don’t have home insurance, and with one-person households expected to rise by 20 per cent over the next few years, that’s a growing concern.

“Insurance can feel like an easy cost to cut but it’s what protects you from financial difficulty when life takes an unexpected turn. And without a partner’s income to fall back on, that protection can be even more important.

“We know cost and complexity put people off, which is why we introduced our zero-commission insurance. It passes every penny of savings back to our customers, helping give everyone – not just couples and families – affordable peace of mind.”