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HS Financial Services - Mortgage & Protection sales go together
Mortgage & Protection sales go together
While the mortgage market continues to rebound, protection sales don't appear to be following suit. Are mortgage and protection sales being seen as one indivisible entity?

The sun's shining again on the mortgage market. However, this good news doesn't appear to have spread to the protection sector.

So why is this? Could it be that advisers face seemingly insurmountable objections to protection, do clients believe they already have financial safety nets in place?

Shattering false perceptions

Whatever's behind the mismatch between mortgage and protection sales, the case for marrying the two is clear. Put simply, without mortgage protection, many people face the risk of losing their homes.

With the introduction of the Mortgage Market Review advisers face significant risks too. The focus on affordability and sales being advised, could lead clients to expect that an advisers' service would include how repayments could be made should the unexpected happen.

According to the Health & Protection Insurance Survey 2013 from Drewberry Insurance Experts, when asked, "What's the risk of being unable to work for more than six months during your working life due to illness or injury?" respondents replied, "1 in 30". The reality is actually 1 in 10.

The Health & Protection Insurance Survey 2013 also indicated that people perceive pay-out rates for cover to be much lower than they actually are.

The art of effective questioning

Given the gulf between perception and reality, it's perhaps little wonder many clients are unwilling to consider paying for mortgage protection.

Effective questioning not only helps advisers understand their clients' needs, it also helps clients appreciate their situation and make informed decisions about their priorities. The goal is to ensure clients understand the consequences of not protecting their mortgage.

Let's wrap things up

With clients unclear about the risks of falling ill and dying - and dismissive about the likelihood of insurance companies paying claims - it's easy to see why mortgage protection is often overlooked and undersold. There is much advisers can do and say to reject the fiction, allay client fears, and stress the importance of protection.

However, even more importantly, now is the right time for advisers to view protection and mortgages, not as separate issues, but as two sides of the same coin.
Posted by: Anne Barker on

General Buyer Terms

This agreement is in relation to MediEstates Limited whose registered office is at 1st Floor, Pacific House, Stanier Way, Wyvern Business Park, Derby, DE21 6BF acting for and on behalf of our clients ("the Vendors"); and yourself (Buyer's Name) in relation for an introduction to a prospective sale of a business as a going concern. By registering through this agreement I agree to all terms set out below:

  1. Definitions
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    Business
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  4. Duties of Prospective Purchaser
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      1. to be disclosed, other than in confidence to its legal or professional advisors;
      2. to be copied or reproduced;
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    4. The Prospective Purchaser will return to MediEstates or the Vendor all documents containing Confidential Information and all copies of those documents on demand at any time which are in its possession or under its control, and for this purpose the term “documents” includes computer discs and all other materials capable of storing data and information. The Prospective Purchaser agrees that such documents remain the property of the MediEstates on behalf of the Vendor.
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    If you are interested in putting forward a formal offer in for a practice, once the offer is accepted there will be a deposit required to secure the practice sale which is dependant of the practice size. This deposit is held in a client account and will be returned to the buyer on completion of the practice sale. You the buyer, will be required to sign a deposit schedule which will cover the buyer and the seller in the event that the practice sale does not proceed.
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