It’s possible, when working with a product, that we become complacent. In other words….we point out some features of Payment Protection; however, fail to mention some valuable ones as well. Let’s review some of the outstanding features of Payment Protection that provide excellent benefits to your clients:
- Coverage begins on the same date of the loan and continues to provide protection until the loan is paid off.
- Protects the client’s credit rating. You can’t put a dollar value on the importance of good credit. Ask your client what (dollar amount) they believe their credit is worth? Their answer is most likely much more than the cost of protection.
- Complements existing coverage and pays “in addition” to what they already have; individually, or through their employer.
- Eliminates the loss of collateral creating an asset, not a liability.
- Group coverage allows everyone to pay the same rate (premium is based on amount financed, term and loan rate).
- Cost is conveniently included in the loan payment, no extra checks to write for protection.
- No physical required.
- Family maintains their standard of living.
Points to Ponder:
LIFE COVERAGE
- 76% of Americans own less than $25,000 in life insurance
- 72% of Americans only have their life insurance through their employer
- Most families deplete their life insurance within 3 months after the death of the primary wage earner.
DISABILITY COVERAGE
- 69% of disabling injuries occur off the job
- 1 person suffers from a disabling injury every two seconds
- Disability does not mean they have to be hospitalized