If you’re renting a home, chances are you may not have thought about how your family would pay the rent in the event of a crisis.

While it’s the task of every homeowner to secure mortgage protection, people in private rented accommodation rarely consider the need to protect themselves in the same way.

In many cases, renting is considered short term – particularly for families who dream of having their own home. However, with house prices in Ireland predicted to rise 5% during 2017-18, housing affordability is an issue now more than ever.

Further complicating matters are skyrocketing rents, rising 10% nationally since their lowest point in 2008. Rental prices in Galway city have risen 10.6% in a year, while those in wider Galway County have risen 14% in a year, 9.4% in Mayo and 12% in Sligo. As a result, families are finding it tough to put aside the savings they need to buy their own home and are likely to continue renting for some time into the future.

While long-term renting isn’t a new phenomenon – particularly in countries like Germany and France where renting is the norm, and Paris where less than one in three own their own home – factoring in protection to cover rental payments in the event of a crisis is relatively new to people living in Ireland.

Consider for a moment how you would pay the rent if your family’s main breadwinner was to fall seriously ill or worse, pass away.

Without adequate financial protection you may find yourself in a tenuous position, struggling to meet rising rental prices during an already difficult time for your family.

Life cover offers cost effective protection for people in long term rental accommodation, in the same way as mortgage protection provides security for homeowners. In the event of a serious illness or death, life cover can provide the necessary funds to cover the cost of rent in the long term, providing security and lessening the financial burden on families.

For more information why not contact Hennelly Finance today?