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TMPE2019: Innovation needed to protect older borrowers and those with health issues

  • 15/11/2019
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TMPE2019: Innovation needed to protect older borrowers and those with health issues
Insurers must put greater focus on older borrowers and those with severe health conditions when providing protection coverage, Mortgage Advice Bureau (MAB) has urged.


The advice firm warned that too many insurers were focusing on completing straight through rapid processing for standard healthy customers and risked leaving others far behind.

However, speaking at Mortgage Solutions’ The Mortgage and Protection Event in Manchester, Gareth Herbert, sales director at MAB (pictured) noted there was now some focus on this area.

He said Swiss Re was looking at clients who are severely declined for insurance and that the reinsurer was getting to the point where it would be able to offer products to clients who otherwise would not be eligible.

“I think more of that innovation needs to happen in the protection arena and I think it will come as underwriters and reinsurers start to look at these things properly,” he said.

“Because too many providers look at that instant gratification of acceptance straight through now, rather than looking at a client who has unfortunately got health circumstances.”

Herbert also noted the increasingly aging population and the challenges this would bring as later-life lending continues to grow.

“What do we do with regards to protection for those aged 55-years plus?” he continued.

“More innovation needs to happen in protection, and I hope innovation happens to help more customers.”


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