Protection Is Paramount

NEWS FROM HLP

When providing mortgage advice, you have your client’s lives in your hands, should the worst happen.

Protection Is Paramount

You don’t need me to say, but as the FCA’s Consumer Duty regulations draw ever closer, so does the importance offering clients protection options to fit their needs. HLPartnership has always been passionate about protection, and it’s the reason why I’m here, helping our Network’s advisers understand what it means and how they can help their clients.

Letting the facts speak for themselves Legal & General’s annual ‘Deadline to Breadline’ report reveals some shocking statistics to help reinforce that protection isn’t just the latest industry buzzword, but gives some real and depressing reasons why clients need to be covered for the worst eventualities:

• Without an income, the average working family has just 24 days before the money runs out

• 46% of households list losing their income as their biggest fear • Statutory sick pay is just £96.35 a week Yet believe it or not, the research shows that households are 4 times more likely to insure their pet than their income, and 6 times more likely to insure their household contents. Of those surveyed, only 1-in-10 saw themselves as their greatest asset to protect.

The critical role of advice Bear in mind that when providing mortgage advice, you have your client’s lives in your hands, should the worst happen. This is why it’s important to give that vital protection advice – think about that uncomfortable search for a client’s protection documents when they’ve contacted you to advise something’s gone wrong, as your motivator for doing the right thing.

Protection advice can seem a ‘difficult sell’, particularly when clients are focused on getting into a new home, a doom & gloom conversation with a cost attached, can be highly challenging.

HLP can help We have a range of tips and guides to help facilitate meaningful conversations with clients, right from the start of the advice process, backed up by support materials and videos you can share with your clients to get the message home.

For those cases where you can’t offer protection advice, whether you’re just working on too many cases, or it’s just not for you, why not refer protection advice to our in-house HLProtection. You’ll get a share of commission for every policy taken out by your client, no fears of cross-selling, and the reassurance that they are protected, should the worst happen.

Find out more Book an appointment: steve.fallon@hlpartnership.co.uk Interested in referrals? – visit: www.hlprotection.co.uk

Steve Fallon

Protection Development Specialist

Steve joined HLPartnership in 2021, after a career spanning 18 years at Legal & General, where he helped Advisers meet the protection needs of their clients. A year into his role with HLP, Steve has already made a big difference to HLP partners, equipping firms with both the skills and materials to engage clients and hold meaningful protection conversations.