Broker and provider bolster the IP Task Force
The Income Protection (IP) Task Force has decided to invite another mortgage broker and another provider to join its meetings.
In addition to Charcol, Savills Private Finance has been allocated a place at the meetings as part of the industry's ongoing recognition that mortgage brokers need to become increasingly aware of the protection market and the opportunities it brings.
The mortgage industry has been heavily affected by the current 'credit crunch' and it has been widely reported that mortgage brokers could look to the protection market for alternative revenue streams.
James Rodea, director at Savills Private Finance confirmed he had joined the group to simplify IP as it is an excellent product but declined to comment further.
Peter Le Beau, managing director at Le Beau Visage, said the Task Force wanted another mortgage broker because the mortgage transaction should be very much wrapped up with an IP sale. "We want to understand why more IP is not sold alongside mortgages and with the possible demise of mortgage payment protection insurance whether IP will become a higher priority," he added.
In addition Canada Life has just become a member. Marion Ware, head of marketing at Canada Life, said it joined as it recognised the value of the product. "Being a part of the IP Task Force, we are confident that we will give ourselves and the rest of the industry a valuable opportunity to contribute to the continued growth of the protection market. By working with the Task Force we hope we can help reduce the current £190bn IP gap," she added.
