Increased confidence and optimism for greater opportunities in 2024
The start of 2024 has seemingly begun on a more positive note for the UK economy. Should the shift in interest rates, lenders with renewed appetites and Bank of England (BoE) expectations reach its target rates, it is likely that the central bank will move to cut the bank base rate in the second half of the year, helping to drive down swap rates, reduce the cost of borrowing and ease the affordability pressures facing consumers.
This presents a great opportunity for advisers to capitalise on increasing optimism, with falling rates likely to lead to a growth in demand for mortgage advice as those borrowers who sat on their hands and adopted a wait-and-see approach last year begin to return to the market.
Similarly, falling interest rates mean many more borrowers may now be able to meet affordability criteria, enabling them to remortgage away from their current lender rather than having to accept a product transfer (PT) deal.
These increased opportunities allow for advisers to adopt a more holistic take on the advice process, seek ways to diversify their income streams and tap into other areas of the market by addressing any protection or general insurance needs their clients may have alongside their mortgage.
There are many reasons why 2024 looks set to be a better year than last, all of which should instil a greater level of confidence and optimism among advisers.
Certainly, this was noticeable, and in abundance, at our recent Kick-Off meetings in January for our appointed representative firms, who presented a much more confident demeanour about what the market could bring them this year. Read my full article on mortgagesolutions.com
Meanwhile, have a little look at the latest news from our providers:
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Anita White
Head of Lender Relationships
February is a month with ‘new’ bursting at the seams
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Victoria Clark
Head of Equity Release
Protection is misunderstood!
The Critical Thinking Report 2024 released this year gave some very interesting insights for the world of Protection. Based on research taken over 2 months on over 5000 people, this report gives you the shocking statistics which back up the feelings you have already had as a Protection adviser.
Protection is misunderstood! Nearly one in eight consumers don’t have cover and the report reveals common misconceptions and lack of knowledge and understanding in the community when it comes to cover. Did you know that 70% of consumers have never seen an advert or information about Critical Illness cover in any form? Or that 4 in 10 consumers don’t have CIC as they deem it too expensive? Reinforced by the fact that 85% of advisers themselves hear CIC too expensive when interacting with their clients!
The report goes on to break down the reasons why people would get critical illness cover (20% being because they had children) and further into what perceptions exist that can help you break down those missed opportunities. Not only a fascinating read, but I would think absolutely crucial to start understanding Protection and what it means to our clients.
Bearing these misconceptions in mind, see what we have gathered from our Providers showing you the latest innovation in Protection products which might help you myth-bust the next time your clients ask you about Protection:
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Amanda Wilson
Company Director
Should I be talking about dental cover at every client meeting?
Dental care often takes a back seat with clients as they under estimate the potential financial and health implications of neglecting their oral well-being. Dental cover right now is a crucial investment that clients should consider. In this article I have explored the key reasons for why dental cover is of great importance for clients wanting comprehensive health protection.
NHS dental services challenges:
As you know the number of NHS dental practices within the UK are decreasing. They have been overstretched and underfunded; thousands of dentists have left the NHS and have become privatised. Therefore, to avoid long waiting times and limited appointment options, client have now started looking into private dental cover. Private dental cover offers timely access to a private dental practice and ensures that patients receive the care they need without undue delays.
Access to comprehensive preventative care:
Private Dental cover offers a range of benefits to cover preventative care such as routine check-ups, x-ray’s, cleanings and fillings. Preventing any dental issues before they escalate not only contributes to better oral health but also helps clients avoid costly and invasive treatments in the future. Regular dental check ups are vital for catching issues like cavities or gum disease in their early stages.
Cover for routine and emergency procedures:
Dental cover extends to cover more than just preventative care. From fillings and root canals to extractions and emergency dental surgeries, clients can feel reassured that their insurance will assist in covering the costs, reducing the financial burden associated with unexpected dental issues.
Orthodontic treatment support:
Many dental plans include support for braces or aligners. This is particularly beneficial for clients with children who may require orthodontic intervention. This prevents the client from waiting on a long waiting list and enables them to prioritise their oral health and deal with it immediately.
At your next review meeting with the client, ask the question on whether they have an NHS dentist or whether their dentist is private. How many times a year do they go for a check-up? What prevents them from seeing their dentist. Have they ever considered taking out dental health cover along side their PMI cover and would they like a quote? Make your clients aware of how important it is to ensure that all aspects of their health are covered.
If you have not sold dental cover before and want more support then get in touch with either myself or the providers and lets start talking to our clients about dental cover.
If you missed out, we have links to our recorded sessions which will earn you CPD time:
PMI Coffee Morning Wednesday 14th February Catch up.
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4C Platform training for advisers
PMI Adviser only Forum Hit ‘subscribe’ in the top right hand corner to keep up with all our latest topics.
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Bipin Sandhu
PMI Supervision & Development Manager
Buildings and contents: A necessity not a burden
Our very own Amarjot, in the Marketing team, had the most surreal experience where without her home insurance being in place in the first week of moving house, it could have been life changing.
As advisers we have an important role in ensuring that our customers have adequate cover in place from exchange, rather than completion. We need to make sure that our customers have peace of mind, and should the worst happen, they know they will be able to make a claim.
Hear from her below:
Moving house was a whirlwind of emails and communication with agents and lawyers, looming deadlines, packing stress and trying to keep the household and two children running in some way. As part of the house buying process we took out insurance with LV=. We wanted to make sure we had cover not only for when we moved in but that overlapping period while we exchange: hugely valuable as we would be liable for any property damage of the old house until the day of completion.
We move house, all is going well….managed to unpack the last box three weeks into the move and treat ourselves to a well deserved glass of wine safely tucked up in our new home to the backdrop of a beautiful but rainy evening.
And then it rained, and it rained and it rained. The drainage in the area couldn’t cope and local news reported the rainfall as ‘biblical in proportion’. A ‘once in a lifetime event’ but it meant that our new home was now a couple of inches in water with the contents of our garage (particularly badly unpacked at this point in our move) was slowly making its way down the road!
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And here is where we thank our lucky stars that several weeks previously, we had made that phone call to our insurers. The LV= policy comes, as standard, with access to Home Emergency. At 11pm we called LV= and spoke to a calm and sympathetic representative. We were given several options, one of which was to be rehoused with the children for the time it takes to sort all this out.
By the morning, we had an emergency clean-up crew scheduled to visit and we started the process of rescuing what we could, ripping out carpets and cleaning up the areas that were easily accessible. Over the following weeks we had:
- Many courtesy phone calls to make sure we were ok and things were still on track from our appointed representative who looked after us,
- Several visits from the clean-up crew,
- Organised visits from refuse handlers to take away waste,
- Visits from the surveyor to assess the property damage,
- The loan of machinery to take the moisture out of the house,
- Online meetings set up to go through our spreadsheets of damaged items,
- Options to make good damaged items or replacement items.
We were one of the lucky ones- despite being hit with an awful experience in our new home, we were looked after and taken care of from the moment it happened to the moment we replaced our last damaged item. Flood cover was never on our radar, as our house wasn’t in a high flood risk area. However, our advice to anyone looking to insure their property or contents is to see it as a necessity, not a burden. Take advice, and don’t default to the cheapest. An adviser will assess the risks around you and choose accordingly. So that you know you have the right insurance cover: you might be surprised at how much your provider can help you when you need it the most.
*Image taken from Birmingham Live stories
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Amy Wilson
Head of General Insurance (PMI and GI)
