Maximise lack of competition to secure additional income protection business, says Zurich's Moodey
17 September 2015
Brokers have been urged to step up and sell more income protection policies as Mortgage Market Review ramifications are resulting in dwindling competition within the adviser community.
Speaking in a seminar, ‘The value of Income Protection – an awareness of the uninsured’ at this year’s Financial Service Expo (FSE) London, Richard Moodey, National Account Manager at Zurich, outlined how vital it was for mortgage brokers to ensure all clients fully understood the potential risks of repossession and how they were best positioned to generate additional income protection business.
When highlighting a lack of competition, he said: “Can you imagine a wealth adviser who has got £50 million of assets under management asking a client if they have talked about income protection for mortgages they may cover? Now I may be wrong but I don’t think this is going to happen. Will bank advisers do it? There aren’t too many left so that’s not going to happen. Will lenders do it? No, they don’t do it either. In actual fact the Mortgage Market Review has pushed it further down the mortgage adviser route for you to do. So the question is are you going to step up and do it?”
Moodey went on to say that brokers need to utilise all available tools within the marketplace to underline and bring to life the importance of income protection. “It has never been easier to source relevant information and provide a range of quotes,” he said. “There’s now a wealth of information out there for brokers to help educate clients on just how vital income protection can be.”
FSE London is taking place today at Old Billingsgate in the heart of London’s Square Mile. Alongside the seminar sessions it will offer delegates access to a range of lenders, providers and distributors actively looking to build relationships with the adviser community. Over 70 exhibitors will appear including lenders such as Accord, Lloyds Banking Group, Halifax Intermediaries, Santander for Intermediaries, Skipton Building Society, Virgin Money, and many more.
