Something for the mortgage brokers to do
I was at a focus group last week helping one of our clients research a new life cover product. I was staggered just how few people had barely enough to cover their mortgages and nothing else. Even these with kids! I wanted to shout at them behind the one-way mirror "For goodness' sake go buy some more cover - it's a no-brainer!". It's amazing how these groups magnify the mis-comprehension of financial products, and the group I watched were no exception.
Mrs Bloggs from Solihull rattled on about life cover and mortgages which suggested that buying a home is the only reason to buy life protection. Who is to blame? Us of course. When house prices were boomy and mortgages easy to come by, Mortgage Advisers were too lazy to do the full job and add family protection onto the mortgage package. Well, as they are no longer doing much on the mortgage front there's plenty of under-insured families to keep them busy now.
