Discounts available to Equity Release Council members
Professional indemnity insurer UK Global is offering discounted rates to eligible adviser-members of the Equity Release Council.
Liberty Mutual Insurance Europe SE is one of a panel of insurers put together by UK Global following consultation with the council, which is the representative trade body for the equity release sector.
The arrangement is the result of coordinated efforts to assist professional advisers in accessing comprehensive professional indemnity cover.
“We are delighted to be working with the Equity Release Council to help offer professional indemnity insurance to their members,” Tim Grant, director at UK Global, said. “We believe the comprehensive policy wordings we are able to arrange, coupled with the exclusive reduction of one of our partner insurer’s rates, will enable council members to benefit.”
The equity release market returned to growth in 2021 for the first time in three years, with more than 76,000 new and returning customers to access £4.8 billion of property wealth.
Independent research by Mintel revealed that strong consumer protection is seen as the most important feature of equity release schemes among people who would consider using the product.
According to Jim Boyd, chief executive officer of the Equity Release Council, further growth is anticipated as equity release products are used to tackle many of the biggest social challenges facing the UK’s ageing population.
“Backing from commercial insurers who understand today’s market is vital to help the financial advice community meet this demand,” Boyd said.
