Nearly half of solo mortgage holders have no income protection in place, even though most were offered advice during the mortgage process, according to new research from Zurich Retail Protection.

Research by Zurich Retail Protection points to what it describes as a widening protection gap among solo homeowners. It found that 49% of those who have bought a property alone do not have income protection, despite more than two thirds – 68% – saying they were offered advice on protecting their income as part of the mortgage journey.

The findings suggest that, while advice is being presented, take-up remains constrained by cost and perception. Nearly one in three respondents, 29%, cited affordability as the main barrier to taking out protection.

A further 25% said they believed they were unlikely to need it, while 6% regarded it as a product for “older people”.

AFFORDABILITY PRESSURES

The backdrop is one of continued cost of living pressure. Zurich notes that upfront buying costs for solo homeowners can range between £9,300 and £12,300 before keys are collected, prompting some to prioritise immediate purchase costs over longer-term financial resilience.

This trade-off appears to be increasing reliance on informal support. One in 10 respondents admitted they would need to ask their parents for financial help if they were unable to meet living costs.

The data points to the continued role of the so-called bank of mum and dad, not only in deposits but as a potential safety net once a purchase has completed.

SHIFTING HOUSEHOLD DYNAMICS

The research comes against a backdrop of structural change in household formation. Office for National Statistics data shows a 10.5% rise in solo-living households over the past decade.

In 2015, the average first-time-buyer was 32. By 2025, this had risen to 34, underlining how affordability pressures and lifestyle changes are pushing major financial commitments later into adulthood.

Zurich’s figures indicate that traditional life events which historically prompted protection conversations are also being delayed. Among under 40s, just 13% cited buying a home and 8% starting a family as key milestones influencing protection decisions.

The motivations for buying alone appear to reflect changing social patterns. More than one in five women, 21%, said they did not want to delay getting on the property ladder while waiting to meet a partner.

A further 26% wanted full control over where and what they purchase, while 31% described buying alone as a defining moment of independence and personal achievement.

ADVISER CHALLENGE

Louise Colley, director of retail protection at Zurich UK, said: “Buying solo has become a defining feature of modern homeownership, particularly among younger generations and women.

“While it reflects confidence and independence, it also exposes a gap in financial resilience, with many buyers’ expecting family to step in if they hit financial difficulty.

“The bank of mum and dad can sometimes quietly fill that gap, but it shouldn’t be a substitute for proper financial protection.”

She added: “Buying a home alone can be empowering, but it also means carrying all the financial risk yourself.

“With higher living costs and economic uncertainty still front of mind, it’s concerning that so many solo buyers are taking on a mortgage without any income protection in place.

“Insurers and advisers need to recognise how protection needs are evolving and work to address the increasing gaps in coverage.”

For advisers, the figures highlight a persistent conversion gap between protection discussions and completed policies. While 68% of solo buyers recall being offered advice, almost half remain uninsured against loss of income.