The final quarter of 2022 has proven a “bumper” period for protection sales for Mortgage Advice Bureau (MAB), according to Andy Walton, protection proposition director.
Speaking to Health & Protection, Walton, (pictured) revealed that in terms of new business MAB witnessed a “marked increase” in protection sales made versus mortgages in Q4 2022.
Elaborating on the reasons for this increase, Walton higlighted that in the third quarter of the year there was a “tsunami” of remortage leads coming through to advisers.
“Over the autumn, our protection penetration fell because we had such a tsunami of remortgages mainly hit us,” Walton told Health & Protection.
“Leads went up from maybe 50 a day from Moneysupermarket as one lead source to a 1,000 a day.”
But Walton added that this increase in leads meant protection sales took a back seat – a situation that was rectified in the final quarter of the year.
“What then happened in Q4 was it almost went into reverse and everything slowed down and advisers had the time to go back and probably write the protection that they missed,” Walton continued.
“To be perfectly honest it meant that Q4 was a really bumper quarter from protection.
“A lot of it was mopping up the protection we didn’t write in Q3 and also because time had been freed-up they were looking at other protection opportunities as well as those missed,” Walton added.