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| Life Insurance |
A prominent independent financial advisor has courted controversy by stating that mortgage brokers who fail to sell decreasing term life insurance policies with mortgages “deserve to be shot”.
The senior IFA made her controversial remarks regarding mortgages and the decreasing term life insurance market in June, saying, "Being able to sell protection makes a huge difference, especially when your income has dropped by 50 per cent.
“Frankly, advisors who leave clients without protection in the current climate deserve to be shot," she said.
Her comments come against the background of global economic uncertainty, a housing market lull and a declining mortgage market.
However, there have been recent speculations that the so-called credit crunch is all “media hype”, with 36% of people surveyed by insurer Zurich saying they don’t believe the credit crunch will affect them.
Spokespeople from both Mortgage Talk and Legal & General commented that their advisors would be doing more to sell decreasing term life insurance protection to their mortgage customers.
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