"Interest rates can drop by over 1% for certain medical conditions, and some customers can release more than 10% extra of their property value. "
- Benjamin Wells, head of product and development at Advise Wise
Later life sourcing platform, Advise Wise, has announced a new enhancement, enabling advisers to input clients’ medical information using metric units for height and weight.
Additionally, advisers can now view the client’s Body Mass Index (BMI) directly within the system as an indication of whether it will affect rates.
This new feature makes it easier than ever to enter medical details, streamlining the process and supporting advisers in their commitment to Consumer Duty by ensuring the best possible value for customers in the later life market.
Entering accurate medical details is crucial in getting individual base pricing and in identifying the best plans for clients, as even common health conditions, such as high blood pressure, can impact potential interest rates or allow for a larger release amount.
Currently, over 40% of advisers use the platform to enter client medical information, highlighting that nearly 60% of customers may be missing out on better plans by not including their health data.
Benjamin Wells, head of product and development at Advise Wise, said: “We’ve seen first-hand how providing detailed medical information can significantly affect the financial outcome for customers.
“Interest rates can drop by over 1% for certain medical conditions, and some customers can release more than 10% extra of their property value. Our goal is to make the journey as seamless as possible, using technology to deliver the best outcomes for advisers and their clients.”
