Half (49%) of homeowners have had a change in personal circumstances since taking out a mortgage, but 39% of those have not updated their protection policies, according to research by Canada Life.
The survey also found two in five (42%) homeowners said their adviser has not contacted them to review their mortgage since taking it out, including 49% of people who have had a mortgage for over 10 years.
Another 61% said they have had no contact from their adviser to review their protection needs since their initial meeting.
The survey suggests independent mortgage advisers face the risk of their clients drifting away, as a third (32%) of homeowners who organised a fixed deal through an adviser are likely to go elsewhere when the term nears its end.
Of those who intend to take a different route when their fixed rate mortgage ends, 15% will take out a new product directly with a bank or lender, 10% will review with a different mortgage adviser and 6% will take out a mortgage via a comparison website.
Natalie Summerson, head of sales, individual protection at Canada Life, said that with longer fixed term mortgage deals on the increase and nearly half of customers confirming their personal circumstances have changed since they took out their mortgage there should be plenty of opportunity for advisers to re-engage.
Mike Allison, head of protection at Paradigm Mortgage Services, added: “Constant informative contact can make a huge difference to customer perception of what a broker does and can do for them, especially where lifestyle changes happen during that gap.”