Software company iPipeline has updated its SolutionBuilder system to help mortgage advisers highlight the importance of protection
A risk and mortgage protection report has been added to SolutionBuilder to allow advisers to demonstrate the importance and affordability of protection to their clients while arranging their mortgages.
The tool is designed to align the client’s personalised risk during the mortgage term to the likely protection costs.
Covering life, critical illness and income protection, the report will help advisers demonstrate the probable risks the client faces if they do not have adequate protection cover in place and what the cost is likely to be to ensure that they, and their families, are protected.
Paul Yates, product strategy director at iPipeline, said: “Utilising the data we hold behind SolutionBuilder to populate the personalised report, is further supporting advisers to stress the importance of protection within their advice process. Advisers are able to better present potential risks and match solutions to their clients.
“This is another step forward in ensuring advisers have the right tools in place to nudge their clients into thinking about their protection needs.”
According to a survey of more than 1,000 advisers by iPipeline in June, 29 per cent of mortgages are sold without protection.
Cecil Caballero, protection proposition manager, Personal Touch Financial Services, said: “I believe this report is what is missing from the mortgage advice process. Mortgage advisers will now be able to highlight the cost of protection in a clear, easy to understand format which is vital to those clients who may not realise what it means if you are not adequately covered.
“There are clients who believe that protection cover is expensive and therefore not a priority, but spelling it out to them with the cost of their mortgage and what it means to not be able to cover it in the event of being unable to work or death is key to focus them.”