Take extra care when using brokers at moment

MortgageMamma

Well my feelings on this is its all unique to the particular client sat in front of you so we could go all night talking about the benefits of cic vs PHI, but as has already been stated they are two very different products and not directly comparable. My stance on this is that contingency CIC of 20% of the mortgage value or £25k whichever is the greater should be taken. I don't have a penetration rate anything like minimikes, but there again I live in an area where you can't buy a dog kennel for £100k and my client base are young FTBS on very tight budgets. thats the nature of the beast in the South East I'm afraid Minimike. However, originally being from Lancashire and relocating just 6 months ago, I know how it is to operate in an area where the wages are more inline with property prices and I did do rather a lot of protection business up there. People in the South East either can't afford it or think they know better, believe me they are a different species to the sensible northerners!

BrokeRage

No, ex-Pru (they were awful for it in those days). My own persistency is 100% since M-day, excluding policies that I have put into force temporarily whilst searching for an alternative policy without exclusion or loading where the clients' medical history is problematic.

BrokeRage

You are wrong MM, I saw a beach hut in Bexhill that was only 15K

Ian_Griffiths_Halifax

Read this piece in my local paper http://www.halifaxcourier.co.uk/news/Cancer-girl39s-family-facing-eviction.3991509.jp

A CIC policy would probably have paid out £25,000 on diagnosis of the daughters illness, whereas a PHI policy would have been of no help at all.

I'm not saying that either CIC of PHI is better than the other. It's all down to the clients perceived need. However they need the different policies explaining to them so that they can decide on what cover to take. A bit of both if necessary.

In my opinion a client should only take the cover if they Want it, Need it and can Afford it. If any one of these boxes isn't ticked, then they don't have it.

I'm fed up of the number of times I've found a SINGLE client who is coming to me for a remortgage when a Bank or Building Society have sold them Life Cover. That IS a waste of money and purely to make the lenders life easier in the event of death, but more to make a quick sale.

All insurances are a waste of money until you have to claim against it. Then it's the best money you could ever have spent.

MortgageMamma

BrokeRage wrote: »

You are wrong MM, I saw a beach hut in Bexhill that was only 15K

Shall we club together and buy it BR, we will probably end up living there if things don't improve soon

MortgageMamma

Ian_Griffiths_Halifax wrote: »

All insurances are a waste of money until you have to claim against it. Then it's the best money you could ever have spent.

Well said Ian, I often joke with my clients when their attention levels begin to wane that the policies are really exciting and the most interesting things ever when they make a claim

Ian_Griffiths_Halifax

MortgageMamma wrote: »

Well said Ian, I often joke with my clients when their attention levels begin to wane that the policies are really exciting and the most interesting things ever when they make a claim

Policies exciting hahahahahahahahahahahahahahahahahahahahahaha.

Ian_Griffiths_Halifax

MortgageMamma wrote: »

Shall we club together and buy it BR, we will probably end up living there if things don't improve soon

It'll be worth £1.5 million come the next boom. Buy buy buy! You'll get £750 per month rent if you ever bothered to go to an Inside Track seminar!

MortgageMamma

Ian_Griffiths_Halifax wrote: »

It'll be worth £1.5 million come the next boom. Buy buy buy! You'll get £750 per month rent if you ever bothered to go to an Inside Track seminar!

They have gone bust now I believe!:rotfl:

BrokeRage

Buy-to-let for amateurs has always worried me