MIp26-28_1209:MI 2008 25/11/2009 12:51 Page 4
28
Protection news
More clients need IP
Only 8 per cent of advisers think or more due to illness or acciden- and encouraging potential said: "People need to take respon-
that their clients have taken out tal injury. claimants back into work. sibility to protect themselves
adequate Income Protection (IP), The importance of IP provi- In the view of advisers sur- from the financial hardship of an
according to research commis- sion has been pushed to the top veyed, consumer awareness of the illness or injury by ensuring they
sioned by Friends Provident. of the agenda by the recent first Welfare Reform Act is low. Only have adequate Income
Friends Provident's research anniversary of the implementa- 28 per cent of advisers believe Protection. They need to switch
shows that although 68 per cent tion of the Welfare Reform Act. that the State would be able to on to the fact that the State is
of advisers are aware of the In February 2009, there were 2.6 provide their clients enough unlikely to meet their needs
changes made through the million people claiming money for them to live on via should the worst happen. At
Welfare Reform Act, their clients Employment Support Allowance ESA. Despite this clear opportu- Friends Provident, we are
are not so savvy; 79 per cent of (ESA, previously Incapacity nity for income protection, 89 encouraging people to think
advisers feel their clients are not Benefit). The Government aims per cent of advisers who sell IP about the consequences of not
even aware that the changes have to reduce those who are eligible admit that they have not used the having adequate provision, by
taken place, and 66 per cent for ESA through an inability to changes in the Welfare Reform enhancing advisers’ sales tech-
reported that most of their work due to sickness or injury by Act as a tool to boost sales. niques through our programme
clients think that it's unlikely that 1 million by implementing more Ed Stuart-Brown, head of pro- of online seminars, to help kick-
they'll be off work for six months stringent criteria for claiming, tection sales at Friends Provident start these conversations.”
Homeowners fear burglars more than bailiffs
UK homeowners view burglary as Around half of Britain's home- The LV= research suggests “We are not only concerned
a greater threat to their homes owners take out insurance policies homeowners do not give that so few homeowners have
than being unable to meet their to protect their domestic appli- enough consideration to the financial protection for their
mortgage payments, according to ances, plus we spend an average of potential impact of one scenario mortgage, but also that most of
research published today by insur- £1,266 each on burglar alarms, over another when assessing the these people have either short-
er LV=. security lights and other deter- greatest risks to their home. term or restrictive levels of cover,
Burglary is seen as the number rents. Instead their judgment seems that would not realistically protect
one threat to their home, picked Yet against this background, largely linked to the chances - in their mortgage and other pay-
by two-thirds of those surveyed only just over a third of home- their eyes - of each scenario ments for as long as needed.
(65 per cent), compared with owners (37 per cent) have taken occurring. “Fewer than one in ten home-
almost half of people (49 per cent) out any form of insurance to cover Chris McFarlane continued: owners have proper long-term
citing mortgage payment prob- their mortgage payments in case “Understandably it’s easier to income protection, even though a
lems as a significant threat. they should suffer a sudden loss of imagine a burglar than a bailiff year’s worth of cover costs only a
Similarly, almost half of UK income. at the door, but we would urge fraction of the average spend on
homeowners believe they are likely Chris McFarlane, head of pro- people to consider carefully home security. As little as 59p per
to be burgled at some time (49 per tection at LV=, warned: "Owning what impact a loss of income day could ensure you can main-
cent) while less than four in ten and protecting a home is a prized would have. It’s not only tain a reasonable quality of life
(38 per cent) worry that they may part of British life, but it's a con- more likely to happen than a if you lost your income due to
be made redundant. This is despite cern that so many more people burglary, but it could have a far sickness. Or for an extra 72p a
the latest official figures showing protect the bricks and mortar and bigger long-term impact than day you could protect against
that currently we are more likely their possessions, than protect the losing some of their possessions unemployment too, so you don't
to become unemployed than to be income they need to pay for their or an appliance breaking have to hand back the keys to your
burgled. home and lifestyle.” down. castle.”
Moneygate Group signs agreement with
Assurant Intermediary
Moneygate Group Ltd has Dennis Reed, sales director for important considerations for us; the UK. Assurant Intermediary is
announced a new partnership Moneygate commented: we work with IFAs across all the a specialist in the mortgage bro-
with Assurant Intermediary giv- "Assurant Intermediary has a major networks, and we base our ker and intermediary market,
ing Moneygate's associated UK great reputation. It is financially reputation on being able to offer delivering a range of general
financial advisers access to strong, being backed by a large customers access to the very best insurance products that support
Assurant Intermediary's full Fortune 500 parent company, and products and rates.” them in their day-to-day business
range of general insurance prod- it offers quality products that are Assurant Intermediary is part and provide their customers with
ucts. also value for money. These were of Assurant Solutions based in value for money protection.
December 2009 Mortgage Introducer www.mortgageintroducer.com
Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44