MMR will boost protection as lenders consider ability to pay
LifeQuote has predicted an increase in protection sales as a result of the MMR
It noted that life insurance and critical illness do not feature in the MMR, but added that the overriding principles on lenders as to whether the ‘customer can afford the loan’ and the requirement ‘to verify the customer’s income’
LifeQuote said the change will require some brokers and lenders to change their processes, providing meaningful advice and potential solutions for the older buyer with some health issues