Client education is an important aspect of your position. Their financial well-being should be your primary concern. We may look at positioning the client financially with a better type of loan, loan rate, checking or savings account; however, if we don’t educate them on protecting those financial decisions, then we are not providing the “value-added” service that clients have come to expect.
We need to help clients understand that Payment Protection is a product for “all reasons”. Let’s look at some pertinent data that allow most clients to invest in their financial security:
- Credit products are the foundation of the pyramid that makes up a consumer’s financial well-being.
- Keep up-to-date on credit related products legislative and/or regulatory changes so that you can educate your clients, allowing them to make an informed decision.
- Payment Protection has minimal underwriting which allows for increased client participation.
- Small face values (which match the amount of the loan) may provide an affordable opportunity.
- What is the price for peace of mind? For your client, the affordable coverage may help this client protect their family, their other investments and their credit.
- Maintaining their standard of living.
What “reasons” do your clients have to protect their loans; what is the negative impact if we don’t educate our clients and help them make a well informed decision? Should you take responsibility for that negative impact if you don’t take the time to offer, educate and inform your clients? In essence, “yes”. It’s always important to discuss Payment Protection; however, if we’re not educating the client, we’re not providing the “value-added” service that your clients not only expect……but should receive!