LifeQuote has launched a service to help borrowers who would otherwise dismiss protection as unaffordable due to cash flow pressures resulting from the Mortgage Market Review (MMR).
The service allows advisers and their clients, who identify a protection insurance need, but who have limited cash available, to quote on what this will buy in terms of cover rather than necessarily what the optimal level of cover might be.
Neil McCarthy, sales and marketing director at LifeQuote, said: "The overwhelming view is that premium driven quotations should not be seen as a compromise as having some cover is vastly preferable to having none at all."
The new system has been designed to make it as easy as possible for advisers and is available in a number of product areas.
If advisers tick the box that says "Premium Driven Quote" and they will receive a quote based on the premium their client wishes to pay.
The quote research then ranks the providers by the largest sum assured quotation generated, which advisers can then export for client reporting, Lifequote said.
It's available on term (level and indexed), whole of life, mortgage protection, family income benefits, term and CI, and standalone critical illness products.
The service currently includes the majority of providers with others having given their commitment to join over the coming months, Lifequote also said.
McCarthy added: "Our feedback from brokers is that the MMR had put pressure on assessing a clients' available cash flow and, as a result, many were having to disregard protection as unaffordable."
On Thursday 12 March
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