Zurich's Richard Moodey has urged brokers to ‘step up' and sell more income protection (IP) policies as the Mortgage Market Review has caused dwindling competition within the adviser community.
Speaking at the Financial Service Expo (FSE) in London, Moodey, the national account manager at Zurich, said brokers were best positioned to generate additional IP business and spread awareness around the risks of repossession.
He asked brokers: "So the question is are you going to step up and do it?"
When highlighting a lack of competition, he said: "Can you imagine a wealth adviser who has got £50 million of assets under management asking a client if they have talked about income protection for mortgages they may cover? Now I may be wrong but I don't think this is going to happen.
He added: "Will bank advisers do it? There aren't too many left so that's not going to happen. Will lenders do it? No, they don't do it either. In actual fact the Mortgage Market Review has pushed it further down the mortgage adviser route for you to do. So the question is are you going to step up and do it?"
Moodey made these remarks in a seminar at the FSE London titled ‘The value of Income Protection - an awareness of the uninsured.'
He also said that brokers need to use all available tools within the marketplace to underline and bring to life the importance of income protection.
"It has never been easier to source relevant information and provide a range of quotes. There's now a wealth of information out there for brokers to help educate clients on just how vital income protection can be."