GE Life is looking to build on its pension business relationship with IFAs to boost sales in the equity-release market.
Head of marketing David Lowe says he puts forward lifetime mortgages and home-reversion plans with IFAs as possible solutions to clients' needs. The company is also planing an equity-release advertising campaign which is expected to run in around two months.
GE Life closed down its direct salesforce, which sold equity-release products, in June 2002 and now offers lifetime mortgages and home-reversion plans only through IFAs.
Lowe says he is keen for the Government to regulate home-reversion plans along with lifetime mortgage so a level playing field is created in the equity-release market.
He says: “Two-thirds of equity-release products are now sold through intermediaries. Historically, this figure has been far lower, but in the last 12 to 18 months there has been a significant increase in the amount of equity-release business sold through IFAs. We are therefore looking to leverage our relationship with IFAs on the pension side – drawdown in particular – and discuss with them how equity release can be applicable.”