Get Protection Done 04
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hen Boris Johnson ran his election campaign last year he was very clear in terms of his message. You were left in no doubt about what he wanted to do, and probably how he would go about it. And in the end the majority put their X in the box to give the new Prime Minister his mandate to Get Brexit Done. And on the 31st January it happened. The Protection Manifesto When an adviser sits in front of a customer, and hands over the IDD which gives a clear message “I’m going to get the mortgage and the insurance done”, and the customer elects to proceed, why is it in the majority of cases it’s just the mortgage that’s delivered and not the Insurance? Is it time that we reflect on our duty of care, not just to find the right borrowing to put people in their home, but to plan for the longer term to keep people in their
A Forward Thinking Network.
home should the unexpected materialise, to make protection happen? We know that there is a shift in the borrowing habits of UK consumers; product transfers now account for over one in five transactions and there is a shift from two year to five fixed rates. With this comes risk. Risk that people don’t look at the bigger picture when it comes to their financial wellbeing. Indeed Canada Life ran a survey last year and found that almost Half (49%) of respondents had a change in personal circumstances since taking out their mortgages, but only 45% of them had updated their insurances. That leaves a staggering 55% who experienced a change in circumstances but either did not update their protection or have no protection in the first place, which could make them more vulnerable to a financial shock. Of course we talk about customers but how many would consider themselves a customer if they were to fall ill and found out that if they had had an insurance conversation then the financial impact may have been softened.
