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AMI updates adviser saving protection policy guide and adds consumer guide

  • 13/04/2022
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AMI updates adviser saving protection policy guide and adds consumer guide
The Association for Mortgage Intermediaries (AMI) has updated its collaborative adviser guide for saving protection policies and added a consumer guide to provide a springboard for advisers to discuss protection with clients.


The guide, which was launched two years ago with input from the Protection Distributors Group (PDG) and Income Protection Taskforce (IPTF), is a comprehensive reference tool for advisers working to save protection policies in the face and fallout of the pandemic.

The trade body the update is needed as the cost of living crisis means that incomes are being squeezed, causing concerns that people could cancel their protection insurance direct debits.

The guide now includes further suggestions for advisers to help customers who cannot afford cover.

This includes checking the smoker status of the client, whether their health has improved, asking the client if the adviser can contact them in three to six months’ time if cover is cancelled, and asking the client to consider other outgoings and what savings could be made.

The reference to Covid-19 has been removed to make it more relevant to the cost of living crisis and it also points to the consumer facing guide, which it released today.

The adviser guide mentions that insurers have claims case studies on their websites, which can help advisers, and highlighted adviser preference for insurer’s annual statement to go through them so they can send it to the client or create their own version.

The trade body has also released a consumer facing guide, which provides advice on how borrowers can consider their insurance needs and outlines the types of support available.

Stacy Reeve (pictured), senior policy adviser at AMI, said that in light of the cost of living crisis it was important to update the guide with more hints and tips to help advisers have “proactive conversations with their clients”.

She added: “The new consumer facing guide can be used by advisers to engage with their clients and prompt discussion about their cover. Crucially, it encourages clients to speak to their adviser or insurer as soon as possible if they are struggling financially and need support.”

Neil McCarthy, chair of PDG, said: “This is a great summary reminding advisers of the options available to clients considering cancelling protection policies with a new short consumer facing guide that can be used with clients.

“Hopefully mortgage and protection advisers can use the guides to help reinforce the broad range of benefits that modern protection policies can provide.”

Jo Miller, co-chair of IPTF, said: “We hope these guides will help advisers remind their clients of the life changing support protection can offer at the worst of times.”

The link to the adviser guide can be found here and the consumer guide is available here.

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