Lettings agents will lose an average letting fee of around £200, though LifeQuote said typical commission on an income protection policy can range between £250 and £1,000.
The ban on letting agent fees will see a surge of protection sales as agents attempt to make up for income shortfall according to protection service LifeQuote.
Lettings agents will lose an average letting fee of around £200, though LifeQuote said typical commission on an income protection policy can range between £250 and £1,000.
Neil McCarthy, sales and marketing director, LifeQuote, said “There is a popular misconception that renters don’t need protection.
“This may be true for some people and indeed bizarrely could be detrimental, as it could impact on means testing and Universal Credit.
“But, there are many more for whom protection is essential as their rental payments are broadly equivalent to a mortgage payment and, similarly, the loss of income equally devastating.
“As a result this ban may have positive consequences for the protection market.”
