The Mortgage Market Review (MMR) has highlighted the need for clients to take protection advice as stricter affordability checks on mortgages are introduced, Zurich has said.
The MMR has set tougher requirements for lenders to check whether customers can afford to pay their mortgage, both now and in the future.
Peter Hamilton, head of retail proposition at Zurich UK Life, said: "The MMR reinforces the importance of advice and the need for customers to get their finances in order."
These are to include lifestyle questions about customers' regular outgoings - which also could be included in affordability checks.
Hamilton said: "Much has been made of the intrusive nature of some of the questioning - how often the client goes to the hairdresser for example. This fringe issue reflects the importance of the key question - ongoing affordability.
"The MMR does highlight the need for clients to consider their ability to pay their mortgage in the future. They need to consider affordability not just if interest rates rise but also if they are unable to work long term through illness or injury. Good protection advice has never been more important."
Hamilton also said short term the industry was likely to see "some disruption" as lenders implement the changes and service levels "almost inevitably suffer."
