Less than half of advisers have seen an increase in their protection sales, despite 81% seeing an increase in mortgage demand due to the stamp duty holiday, according to Guardian.
Less than half (48%) of advisers have seen an increase in their protection sales, despite 81% seeing an increase in mortgage demand due to the stamp duty holiday according to Guardian.
The data also outlined that 72% of advisers have seen their mortgage sales grow.
Meanwhile a quarter of advisers said they had not seen a change to their mortgage sales, and 46% reported no change to protection sales.
The majority (91%) of advisers told Guardian that they always discuss protection when advising on a mortgage.
When asked why they did not place protection alongside a mortgage straight away, the biggest reason given was that clients wanted to come back to it later (42%).
This was followed by 21% who said their clients did not want to discuss it and 17% who said their clients could not afford it.
Only 4% said their clients didn’t think they needed it.
Furthermore, 75% of all advisers said their clients were more open to discussing protection since COVID-19 began and this was a trend that persisted throughout 2020.
The study included the results of 553 advisers.
Jacqui Gillies, marketing and proposition director at Guardian, said: “The stamp duty holiday provided a welcome boost for mortgage advisers last year and it’s great to hear that the overwhelming majority also discussed protection.
“But this research shows a discrepancy between mortgage and protection sales last year which poses a big opportunity for advisers as they go into 2021.
“We hope all advisers will follow-up if a client says ‘I want to come back to it’ to make sure people are getting the protection they need.
“This follow-up conversation is not only right for the customer, but for advisers too as they look to continue to provide their valuable advice through these times of uncertainty and change.”
