Mortgage Advice Bureau has developed a tool designed to assess a customer’s financial resilience based on their level of protection.
The financial risk assessment tool shows customers how capable they are of bouncing back from life-altering setbacks that would otherwise have a significant financial impact.
This might include the death of a loved one, a disability, or being unable to work due to ill health.
By inputting basic information regarding their financial situation, the tool provides an estimate of how likely these shocks may be over the course of an individual’s lifetime.
Providing customers with a base understanding of their financial position, the tool helps to introduce the topic of protection before the initial appointment takes place.
The tool has the capacity to target new customer demographics that may not necessarily be having conversations relating to protection advice, such as those living in rented accommodation.
This is also beneficial from an introducer perspective, as the tool can be used to open up conversations with new customers that letting agents or commercial brokers may not necessarily have been able to offer protection advice to otherwise.
Andy Walton, proposition director – protection at Mortgage Advice Bureau, said: “We’re thrilled to have launched our new financial risk assessment tool, which offers a wealth of benefits for brokers and customers alike.
“The tool recognises the need to help customers better understand and navigate the protection options available to them, regardless of their financial position.
“It offers an engaging, educational user experience, empowering customers to recognise their level of risk and take action to ensure they’re protected against whatever life may throw at them.
“It also helps to connect customers with a protection adviser, who will be able to provide bespoke advice tailored to their specific circumstances.”
