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Less than half of advisers note increase in protection sales

Jake Carter

January 13, 2021

Less than half (48%) of advisers have seen an increase in their protection sales, despite 81% seeing an increase in mortgage demand due to the stamp duty holiday according to Guardian.

The data also outlined that 72% of advisers have seen their mortgage sales grow.

Meanwhile a quarter of advisers said they had not seen a change to their mortgage sales, and 46% reported no change to protection sales.

The majority (91%) of advisers told Guardian that they always discuss protection when advising on a mortgage.

When asked why they did not place protection alongside a mortgage straight away, the biggest reason given was that clients wanted to come back to it later (42%).

This was followed by 21% who said their clients did not want to discuss it and 17% who said their clients could not afford it.

Only 4% said their clients didn’t think they needed it.

Furthermore, 75% of all advisers said their clients were more open to discussing protection since COVID-19 began and this was a trend that persisted throughout 2020.

The study included the results of 553 advisers.

Jacqui Gillies, marketing and proposition director at Guardian, said: “The stamp duty holiday provided a welcome boost for mortgage advisers last year and it’s great to hear that the overwhelming majority also discussed protection.

“But this research shows a discrepancy between mortgage and protection sales last year which poses a big opportunity for advisers as they go into 2021.

“We hope all advisers will follow-up if a client says ‘I want to come back to it’ to make sure people are getting the protection they need.

“This follow-up conversation is not only right for the customer, but for advisers too as they look to continue to provide their valuable advice through these times of uncertainty and change.”


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