Advisers should not wait until a client wants to discuss their mortgage to talk about their protection needs.
This is because a client’s personal circumstances can change dramatically – particularly where they have taken on caring responsibilities, according to Dave Tindall, mortgage and protection adviser at DLI Mortgages.
Participating in a panel debate as part of Income Protection Action Week, Thomson revealed he was seeing a lot of five year fixes with mortgages and this would have knock on effects for protection coverage.
“So even more so, you need to be encouraging reviews because caring duties will come into the horizon, they can appear suddenly,” Thomson said.
“But where we’re doing five year fixes for clients, we’re now looking to the next time that we speak about the mortgage is 2031, so much can change.”
Client check ins
Consequently, Thomson added it is up to advisers to check in with clients at least annually to ensure they are aware of any important changes in their lives.
“It’s great for us,” he continued.
“It builds rapport, but just to ask them, how’s everything going with the house, with the mortgage, with the family? Don’t treat it upfront as a review.
“Just treat it as touching base which again, particularly for the mortgage and protection advisers, we’ve gone through both of those processes and journeys with them, so we know them quite well.
“We should know the kids’ names, the pet’s names, hopefully they know and like us. It’s just about ensuring those bridges are built and maintained.”
