EDITION 1 | MAY 2021
33 to- let properties to create a solid business for themselves , not for a quick turnaround on equity growth , but to provide for their pension provision in later life . You can also support them and their families , as if a landlord is not well protected with adequate life insurance , in the event of their death , chances are that the portfolio would need to be sold , as the family will be unlikely to have the income to support the remaining mortgage debt . With the correct protection in place and supported through a trust , the landlord ’ s family can retain the properties and continue to benefit from the additional income they provide .
Whether you are now looking to engage with landlords or tenants , speak with letting agents in your area , where you might find they welcome your approach , your experience , knowledge , and professionalism . They hold the key to a huge protection marketplace and with a bit of relationship building , you could reap significant benefits for your firm .
Key considerations :
1 Letting agents and renters need educating about the benefits of protection .
1 A simple small monthly payment can cover rent plus extras to meet tight budgets , and a limited payment option could keep costs down .
1 If a family doesn ’ t have life cover , consider death benefit . Who would want to cope with the loss of a loved one and the prospect of having to leave the family home within days or weeks ?
1 Today ’ s renter is different to those of previous years , with the days of it just being those on limited incomes being a thing of the past ; some may have owned properties already and simply be regrouping before the next purchase . Generation Rent says tenant ’ s attitude to renting is becoming more socially acceptable and they are actively making their rented property their long-term homes .
1 Renting these days allows for flexibility in a modern , fast moving world and many plans offer additional support services that can help in ways other than just paying the rent or covering the grocery and fuel bills . You can protect them and their families from the financial burden that a critical illness can bring , and you can change the status of tenants having to proactively ask for advice .
1 Landlords of all types need your support . Not all are professional , some are accidental and are therefore finding their own way , largely with the support of the agents . They are well-versed in all the rules and regulations and will be happy to give you an overview of rental regulation .
1 Working in partnership with lettings and estate agents offers good marketing opportunities for both of you . They have an existing database and in partnership , you could consider using say leaflet drops , window displays , or advertising in local papers / magazines to get the information out there that that support is available .
1 Don ’ t forget that several providers offer free marketing literature you can use or adapt .
If you would like to explore the opportunity available and need support in getting started , contact the team on 01484 439121 or drop a line to protection @ simplybiz . co . uk