75% of advisers report rising concern over mortgage protection as clients cut cover – MetLife UK
77% of advisers saw clients cancelling policies or reducing cover as the cost of living put pressure on budgets.
Research from MetLife UK found that 75% of advisers said clients were more concerned about mortgage protection than 12 months ago.
Despite this, 77% of advisers saw clients cancelling policies or reducing cover as the cost of living put pressure on budgets.
22% of advisers described clients as much more concerned and 53% as slightly more concerned, while only 18% reported no change in attitudes.
25% of advisers said there had been a significant increase in clients cancelling policies or reducing cover, 52% reported a slight increase and only 16% saw no change in cancellations or reductions.
A further 43% of advisers said clients often intended to take out mortgage protection but did not follow through, while 24% said this always happened after such conversations.
Phil Jeynes, head of individual protection at MetLife UK, said: “Households across the UK continue to face difficult financial decisions, and our research highlights a worrying contradiction: people are increasingly aware of the need for protection, but some are having to make difficult choices as budgets remain under pressure. We get it.
“We understand that families are making difficult choices about where their money goes, and that protection has to compete with many other household priorities.
“That is why advisers play such an important role in helping customers understand the value of cover and make decisions that are right for their circumstances.”
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