Develop your business
Equity release could be a good way to grow your business. With an ageing population and falling pension values many clients are looking for alternative retirement solutions. Potentially this is a profitable market in which Hodge Lifetime could help you develop your business.
Giving your clients the retirement they deserve
It's official, people are living longer than ever before. Latest Government figures show that the average 65 year old male will today live to the age of 81 and the average 65 year old female to the age of 84 (Source: Office of National Statistics 2006). Indeed projections suggest that life expectancies at these older ages will increase by a further three years or so by 2020. The life expectancy for people at 70 and 80 has also gone up and there are more people at this age than ever before.
Pension provision falling short
In addition trends in private, occupational and state provision of pensions show a significant gap between actual provisions and the provision necessary to meet consumer requirements. The Association of British Insurers (ABI) has concluded that "millions of working people are currently saving nothing at all for their retirement in a pension", and that "overall, fewer than half of all people in employment are saving enough in a pension to ensure a comfortable retirement" (Source: ABI)
SHIP safeguards
The safeguards in the plans offered by Safe Home Income Plans (SHIP) member companies mean that their products can be sold without fear of another "Home Income Plan scandal". Remember the scandal occurred in the 1980s.
A unique product
The nature of an Equity Release product is unique when compared to other financial services products. With all other financial plans, such as a pension, the client pays into the product on completion of the sale. This is usually by way of a single or regular premium. Compare this with Equity Release where, on completion of the sale, the product pays to the client a lump sum or a regular income for life.
REMEMBER – This market has never been so active – are your clients seeking advice elsewhere?
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