Life assurance used to be predominantly a corresponding sale made when mortgage clients secured their new borrowing but I recently read some research suggesting only one in five borrowers did this, contributing to the so-called protection gap.
Protection policies are often among the first products to be cancelled in a recession, just as the need for them increases.
On the other hand, a downturn can make some consumers more aware of their mortality and keen to protect their loved ones.
Now, lead generators can give brokers access to clients who are looking to either take out or revise their life assurance arrangements.
Judging by what I see, the average cover required is just under £230,000 although consumers looking for whole of life cover tend to want slightly less than those seeking term assurance. Some 26% of those looking for life assurance also want critical illness cover, providing an additional source of income for brokers.
Consumers seeking advice on life cover have an average age of 43 and comprise 64% men and 36% women, although 19% are looking for joint cover, so you will have access to both partners.
And as lending returns, perhaps once you have gained access to some life assurance clients you can cross-sell them mortgages.