Lifesearch, the term assurance broker, has launched a business-to-business unit offering mortgage advisers’ clients specialist term assurance advice. This gives advisers the opportunity to earn half of any commission due from the selected life company by acting as an introducer, while providing an added value service, without the hassle of paperwork.
The company is the UK’s largest broker of term assurance, writing around 350 new policies a week, and can offer products from every leading UK provider.
The company uses qualified advisers and claims to give advice equivalent to that given by IFAs on financial services products. It offers a guarantee of the most competitive premiums available in the open market on life assurance and critical illness cover. It also includes a no cross-selling guarantee.
Lifesearch’s managing director, Tom Baigrie, said: ‘Many mortgage brokers would like to do business with us, but they need to be paid. Because we do not spend on advertising, as the brokers do that for us, we split our revenue. They get the client, we do the work, and we split the money.
‘There is a serious element of expertise, which is not just finding the rate, but discussing what cover a client needs. Some brokers may not have that expertise and clients will buy more when they are properly advised.’
The business-to-business team will work either directly with the client, with no reference to the introducer. Alternatively the client’s contact can remain with the introducer and the team will work in the background. Once the client is on risk the broker will be sent their share of the commission Lifesearch receives.