This is according to Simon Chalk of Laterliving Limited.
Commenting he said: “Equity release planners should update their client factfind to include specific health and lifestyle questions following the launch of More2Life’s enhanced product range.
“The specialist provider’s new plans offer homeowners looking to release equity, larger cash sums than standard plans, depending on their state of health and lifestyle. They believe that 40% of clients could qualify for larger cash sums.
“With the introduction of such an innovative product, it should become standard practice for equity release planners to ask clients the right health and lifestyle questions otherwise they risk failing them.
“Speaking with planners up and down the country, it is apparent that many like us were asking about prescribed medication and general past medical history but these alone are insufficient now.
“Height and weight for instance didn’t appear in our own factfind but have now been included so that we can be absolutely robust when researching the latest products.
“Should the client appear to be eligible for an enhanced product, planners should obtain a KFI in every case and record the research on file even if such a plan isn’t recommended as being the best solution.”