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.”

Sign up to our daily email