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Advisers need to take a second-time approach in the protection market, says broker

Mortgage broker CLS Money is targeting protection advice as a vital part of its growth strategy in 2019.

The Essex-based company also aims to concentrate on reviewing every customer who did not take up protection advice at the time of their mortgage.

It has engaged specialist protection advisers, specifically to speak with existing customers and recommend suitable policies for both life and general insurance.


Recent research by the company revealed that customers are more likely to want to invest in protection when they have got used to making their mortgage payments.

According to Clayton Shipton, managing director of CLS Money, protection advice goes hand-in-hand with every mortgage transaction, but not everybody is ready to take on the extra cost of protection at a time when buying a property has stretched them financially.

“It is easy to forget to ensure a follow up is made to discuss and review the situation again,” he added.

Shipton said it is up to advisers to check in regularly and ensure that customers are given the chance to act, which is why he believes in a ‘second-time approach’.

He continued: “Even if customers are unable to take up the recommended levels of cover, putting something in place and building to the right level is a good way to start.”

He urged all adviser firms to become more proactive in the protection market, as it is an area which can yield significant earning opportunities as the property market cools as well as keep customers properly covered.

“In my experience, customers are aware of the need to safeguard their families but see their priority as being able to afford the mortgage and associated costs first. In an ideal world, everyone would have the insurance they need, rather than what they can afford,” he concluded.


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