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4 Jul 2020

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Brokers' expertise can help with life insurance

Making cutbacks may be a necessary thing for many people in the current economic climate but the savings should not come at the expense of essential policies such as life insurance.

That is according to Phil Whitehouse, head of the Mortgage Alliance, who recommended choosing the right insurance providers as one of the steps consumers should take in order to save rather, instead of cutting cover.

Writing in Mortgage Solutions, Mr Whitehouse said that brokers can help consumers review or get the right cover because they can "access really good deals for their clients".

The author highlighted recent research from the Association of British Insurers showing that 13 per cent of consumers have cancelled their life insurance, as an illustration of the pressure being exerted by the downturn.

However, if brokers use their expertise to communicate to consumers in a reassuring manner, cover such as life insurance or unemployment protection may go to the bottom of things to be cut, he said.

According to a recent Ipsos Mori study on behalf of Scottish Provident, 63 per cent of people in the UK have a misguided notion that "it" will never happen to them, which prevents them from obtaining cover.

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