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‘Don’t forget protection’

Mortgage intermediaries need to consider protection as an important part of the sales process now that mortgages and protection are both regulated, says Bright Grey products director Roger EdwardsHe said that clients will typically not know that joint-life cover bought from a supermarket is not necessarily better value than two individual life policies even though the supermarket price may appear to be marginally cheaper.

Using Bright Grey’s rates, two individual life polices for £150,000 cover is only 78p more expensive than joint-life cover and, comparing the value of premium and benefit pound for pound, the two single policies are better value, he claimed.

Edwards said: “The only way that you can buy with confidence from a supermarket is if you have as much knowledge as a financial adviser. With regulation now in place, mortgage interme- diaries have got a bigger job to explain protection cover, its benefits, pitfalls and that price is not the only impor- tant thing.”

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