In the last of our Easter series of chocolate indulgence giveaways, leading GI provider Berkeley Alexander in association with Mortgage Solutions, is offering brokers one last chance to win a luxury Hotel Chocolat cabinet.
Our third winner is……Gerald Potter, a mortgage adviser with ARW Wealth Managers in Norfolk. Congratulations Gerald and enjoy.
To win this special and very last Easter treat, simply answer the question below relating to the following article and e-mail your answer (A, B, or C) to editors@ae3media.co.uk Closing date is 23rd March so hurry…good luck and Happy Easter!
Q: Which of the following statements is false?
A: Selling GI increases your business’s profitability
B: GI sales do not form a vital part of an adviser’s role
C: GI offers clients valuable and essential protection
Is GI really worth all the effort? With all the recent changes to mortgage rules and regulations an adviser’s role has never been more crucial. Caps on borrowing, lower LTV ratios, banks requiring more capital, and the scaling back of the help-to-buy scheme, mean that more clients need the help and support of a good mortgage broker to help them through the hoops. But to really protect them and their interests you must include GI within the equation.
Under the Mortgage Market Review (MMR) you will be gathering more detail than ever before about their mortgage payment affordability, household budget, savings, employment status and so on. This gives you an invaluable insight into their financial needs and even an opportunity to cross sell products and services where appropriate to your clients whether it be at the time of the mortgage or later in the insurance life cycle.
By selling GI you will not only be increasing your business but also helping your clients help themselves. Ensuring they have the back up of income protection, using a combination of CI, PHI, MPPI &/or STIP, means they will be in a better position to cope financially in the event of a claim and to pay their mortgage in the long term, no matter what life throws at them. You may also save them money in the process by securing better deals on their home insurance for example which all go towards the mortgage pot, further demonstrating your worth as their trusted adviser. And if you simply don’t have time, ensure you introduce the GI leads to your GI partner so at least you know that someone will be talking to them about this valuable protection.
Affordability is the key and we would argue that if your clients cannot afford some form of income protection cover then can they really afford a mortgage? And, as their adviser, arguably, you can’t afford not to dedicate some time towards it.
