But on the bright side, at least protection products won’t cost them an arm and a leg.
Recent figures show that the average age of first-time buyers has risen to 34.
By purchasing protection cover when they are buying their first homes, consumers can benefit from much lower premiums than if they defer it for even a few years, saving themselves thousands of pounds in the process.
For example, a healthy non-smoking 34 year old male looking for 100,000 worth of level life or critical illness cover over 25 years can expect to pay more than 4,000 less over the period than if he waited a few years and bought the cover at 38.
It’s not surprising that most first-time buyers feel overwhelmed by the amount it costs to get on the property ladder.
Clients often look at protection as an additional expense in the flawed belief that they would be better off deferring the decision until they have more disposable income later in life. This is a false economy and a problem that must be addressed.
Buying their first home is the biggest purchase most consumers will make in their lives. It is important to meet their mortgage needs but vital to provide them with the right protection to ensure they can keep their homes should the worst happen.