Payment Protection has many features; however, not all features provide benefits. Customers are different so when presenting Payment Protection, use only the features that will benefit them. It’s very easy to “oversell” Payment Protection if you talk about the features. In fact, offering “Too Much Information” may be so confusing that your customer doesn’t want to hear anymore. Your customer profile should help you to identify what your customer needs; therefore, only offer the features that will satisfy those needs. TMI will make their head hurt! So, let’s review some of the Payment Protection features. As you review these, consider what questions you would ask your customer to ensure you are selecting the feature that would benefit them.
• Not occupationally restricted. Any working individual may qualify for protection. Think of occupations that might be at a higher risk in your market. How might Payment Protection be valuable to them?
• No physical exam. A physical exam and/or having some medical conditions may disqualify an individual from getting protection on the open-market or they may pay a higher premium for coverage.
• Not age rated. Everyone pays the same rate and may be eligible (as long as they fall within the age group guidelines). Other insurance options are based on age where premiums may be higher and increase with age.
• Payment Protection is paid directly to the lending institution. Once the customer has filed a claim, they don’t have to pay out of pocket and wait for reimbursement.
• May be cancelled at any time. If your customer pays off the loan early, coverage will cease. If they wish to cancel coverage, for any reason, they may do so without being penalized. FACT: Payment Protection has many excellent features that will offer valuable benefits to your customers. Just remember to ask open-ended questions to ensure you’re offering the right features that provide them with the greatest benefits! For Internal Training Use Only
