I’ve spent a lot of time over the last few months talking to advisers about unlocking protection opportunities in the rental market.

As part of this we’ve discussed how most people buy their first protection policy when they buy their first home.

For those sitting in the private rental sector they won’t have as yet, or may never go through this process, so the chance of them having had a protection conversation is really quite slim. It’s very unlikely that an adviser has talked to these tenants about how they would manage if they were ill or had an accident and needed to take time off work sick, or indeed if they have a partner, what would happen if one of them died prematurely?

As you would expect, we’ve looked at protecting tenant’s lifestyle and ensuring should the worst happen, those monthly rental commitments and household bills can be maintained. Giving extra peace of mind that the tenancy can continue uninterrupted and that them having to move home, maybe to a cheaper property in a possibly less desirable area, is unlikely to be forced upon them.

But it also made me think that, not all, but for most tenants, it’s not a lifestyle choice and they have aspirations to buy their first home. They are probably saving hard for a deposit whilst living in their rented property. Should they become sick and lose, or have a much-reduced, income, then sadly dipping into their hard-earned savings might become a necessity. What a shame to have to use this money to pay their rent, utilities and shopping bills – the very last thing it was intended for.

This could result in their aspirations to buy being pushed back even further and with a reduced deposit, making their mortgage application process more difficult for them and their adviser. Could a higher loan-to-value also result in a higher mortgage lending rate…most probably.

Therefore, as well as the obvious reason of protecting a tenant’s bills and lifestyle, I think setting up a monthly income-based solution, ideally in a menu plan, could also protect their hard-earned deposit.

An ideal solution would be a family income benefit policy set up on a life or earlier critical illness basis alongside a budget appropriate income protection policy. This will give real peace of mind that, in the event of premature death, diagnosis of a critical illness or having to take some time off work sick, a replacement income is available to replace that lost income and reduce the risk of having to use those house deposit intended savings.

Shelley Read is senior intermediary development and technical manager at Royal London Group