How to approach the Generation Rent adviser gap

clock
 protect-house
Image:

protect-house

The past decade has seen a huge rise in the numbers renting as opposed to buying. But worryingly, the protection industry is not currently set up to handle generation rent, writes Neil McCarthy.

While some renters understand the need for protection and are happy to buy online, the reality is that the bulk of protection policies are ‘sold', and most of these are sold alongside a mortgage, not a rental contract. It's true that the aggregator market is picking up, but their impact in protection sales is far less than almost any other financial product and a long way from filling the gap. According to Swiss Re the mortgage market typically makes up between 35%-55% of total new term sales...

To continue reading this article...

Join Cover

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around Covid-19, regulation, diversity and mental health.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Exclusive access to our fortnightly Protection insight mini-podcast.
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Income Protection

Covid-19 the main driver behind income protection purchases

Covid-19 the main driver behind income protection purchases

Over half of 2021 policy sales due to pandemic

Hemma Visavadia
clock 20 January 2022 • 1 min read
Greatorex joins IPTF Steering Group as Knowles steps down

Greatorex joins IPTF Steering Group as Knowles steps down

“IP sits at the heart of my protection advice”

John Brazier
clock 17 January 2022 • 1 min read
Andrew Wibberley: New year plans at the IPTF

Andrew Wibberley: New year plans at the IPTF

'We can promise to increase awareness of Income Protection amongst consumers and knowledge of it across advisers'

Andrew Wibberley
clock 04 January 2022 • 3 min read