Customers must be made aware of the need for protection policies, particularly as the mortgage market has begun to show significant signs of recovery.
New figures from the Council of Mortgage lenders has revealed that lending for first-time buyers has increased significantly in recent months.
Kevin Russ, technical manager for individual protection at Friends Life said: “The new figures from the Council of Mortgage Lenders make it clear that more and more people are stepping onto the property ladder for first time.
“Buying a property is the biggest investment most people will make in their lifetime.
“Given that many of mortgages will be sold on an advised basis it is important that advisers inform consumers of their options when it comes to protecting their home and their family, with life cover being especially important if there are dependants.
“The booming mortgage market is likely to prompt an increased demand for related life products. There is still a worrying number of people who have mortgages but have no way to pay it off should something happen to them. Making customers aware of protection products is an important part of the mortgage process.”