"Protection can only deliver this value when it evolves with the person it’s designed to support."
- Andy Philo, director of strategic partnerships at Vitality
Of those surveyed (2,000), buying a first home was the most common milestone for taking out protection, with 21% purchasing Life Insurance, 23% for Income Protection (IP), and 26% for Critical or Serious Illness Cover (CIC or SIC).
Having a child or getting married also ranked highly for triggering protection sales. However, many fail to revisit their policies as their circumstances evolve.
Worryingly, Vitality found one in four policyholders have moved house since taking out protection, but 32% have never reviewed their policies. 63% have looked at it but made no changes.
Earlier this week, Property Reporter revealed that Friday 29th August will be the busiest day to move in 2025, with 22,386 expected house moves.
Based on analysis of more than 700k removal quotes by the HomeOwners Alliance, August has been the most popular month to move house for the last 13 years.
READ MORE: August ranked most popular month to move house for the last 13 years
"Moving house often marks a new chapter – with new priorities and financial responsibilities.
"Having protection that reflects those changes – and the life they are living today – 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," explained Andy Philo, director of strategic partnerships at Vitality (pictured).
He said: "A review of existing cover can help ensure it still fits, and may highlight opportunities to broaden protection, such as adding IP or CIC for more comprehensive support."
"We also know that when people engage with their policy, they are more likely to keep it in place and benefit from the full value of their plan. Yet protection can only deliver this value when it evolves with the person it’s designed to support," Andy concluded.
