L&G teams up with Phil Spencer to promote rental protection
Rental protection adviser toolkit launched
Insurer partners with Move iQ and launches rental protection toolkit for advisers
An adviser toolkit has been launched by Legal & General to educate intermediaries about the rental protection plan it launched last year.
It includes features such as benefit calculators, technical guides and sales aids, as well as links to its CII workshops, webinars and resources. Visit the L&G rental protection tool kit here.
As part of the launch, the insurer has partnered with property website Move iQ and TV presenter Phil Spencer [pictured], known for his role in Location, Location, Location and a strong advocate for unbiased financial advice. Together they have created six educational videos to highlight the benefits of rental protection for letting agents, intermediaries and consumers.
Topics include: what would you do if you can't pay rent? How should you protect your rent? Why help protect your rental payments?
'Common misconception'
Richard Kateley, head of intermediary development, Legal & General, said: "The rental market is a hugely underdeveloped one and an area where financial advisers can add a lot of benefit for renters. If I was buying a home I would probably be directed to a financial adviser to talk about the risks of not keeping up repayments. Yet if I rented a home, the chances are I would get none of that information.
"There is a common misconception that because someone chooses to rent they have a low income and can't afford cover. In reality, renting today is much more about a lifestyle choice and not being tied down to one place; or not yet having a full mortgage deposit. It is much less about disposable income and low wages.
"I hope as a provider we can help advisers develop this market place and make sure that we work to put renters in a much more informed position about their biggest asset - which is of course themselves, and their ability to earn an income."
Rental protection plan
L&G rolled out its rental protection plan (RPP) to the entire intermediary market following a pilot involving Mortgage Advice Bureau in September last year.
The selection of products, which includes rental income protection benefit, rental life insurance and rental life insurance with critical illness, has been specifically designed for the rental market to suit individual budgets and needs. Read more about the plan here.
Andy Walton, Mortgage Advice Bureau, added: "Legal & General worked really closely with us last year to deliver a product we felt would really resonate with tenants.
"I'm pleased to see them continue to develop further educational tools and resources, and the launch of the new adviser toolkit and partnering with Move iQ showcases their commitment to provide further support.
"With an extra 560,000 households expected to be living in private rented accommodation by 2023, and UK rents expecting to continue to climb over the next five years, it supports advisers to have a protection conversation with every customer."
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