LifeQuote has launched a premium driven service to support the traditional sum assured approach, following the Mortgage Market Review (MMR) and its resultant focus on cash flow for borrowers.
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.
LifeQuote claims its new system has been designed to make it as easy as possible for advisers and is available in a number of product areas. Advisers need only to 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.
It is available on Term (Level and Indexed), Whole of Life, Mortgage Protection, Family Income Benefits, Term and CI, and standalone Critical Illness products.
Neil McCarthy, sales and marketing director at LifeQuote, said: “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.
“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.”