Payment Protection has many features; however, not all features provide benefits. Each customer is different and when presenting Payment Protection, use only the features that will benefit them. If you discuss more than 2 or 3 features of PPI, you may be confusing your customer and confusion leads to no sale. So, let us review some of the great features of Payment Protection:
• Not occupationally restricted. This means that any working individual may qualify for protection. Think of occupations that might be a higher risk in your market. How might Payment Protection be valuable to them?
• No physical exam. Taking the time to have a physical exam and/or having some medical conditions may disqualify an individual from getting protection on the open-market or paying a higher premium for coverage.
• Not age rated. Everyone pays the same rate and may be eligible as long as they fall within the group age guidelines. Other insurance options are based on age and premiums may be higher and increase with age.
• No tobacco restrictions. If your customer is a tobacco user, they will pay a higher premium for other insurance protection. Payment Protection rates do not increase with tobacco use.
• Payment Protection is paid directly to the lending institution. Once the customer has filed a claim, they do not 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.
Payment Protection has many great features that will offer valuable benefits to your customers. Just remember to ask open-ended questions to ensure you’re offering the best features that provide them with the greatest benefits! Download PDF version here
