The simple truth is we spend more time planning our weekend activities and our annual vacation than we spend on planning for a life-changing event. Sometimes we need to put things in perspective and think about how not planning for death or disability could impact the rest of our (or our families) lives.
Why do we do this; common sense. It’s easier to think and plan for something fun and exciting than to think about the burdens that could befall us if death or disability occurred. Yes, we might have an insurance plan and we might have additional insurance through our employer, but how often do we revisit the plans we’ve developed? Typically, only when we need or are forced to. By then, it could be too late and we find ourselves in a financial situation that could have a negative impact forever.
Help your customer identify with the ease and convenience of having Payment Protection on their loan. Don’t forget the fundamentals may be enough to help your customer justify the additional cost.
- Group Rated: The rate is affordable and is not based on age, work or hobbies.
- Convenient: No waiting for an underwriter to gather all the necessary information, gather medical records, specimens, etc. then have to wait to see if they are approved and at what premium cost.
- Coverage matches the amount of the debt: Never over-insured; protecting only this additional need without adding to their existing insurance portfolio.
- Coverage matches the term of the debt: Once the loan is paid in full, the insurance ends.
- Hospitalization not required: Disability is available if they are sick/injured unable to work and under the care of their doctor. Some customers may not know this.
- Single and/or Joint coverage available: Should only one borrower see the need, single coverage may be the best solution, or if both borrowers need protection, that is available as well.
- Frees up other income/insurance coverage: If they believe they have enough protection, remind them what they wanted the protection to do. Having protection on the loan frees up their income and other insurance for what it was originally intended to do; maintain their lifestyle.
The simple truth; as your customers’ Financial Advisor, like their Travel Agent, it is your responsibility to help them understand how valuable, affordable and convenient Payment Protection can be. It may also eliminate additional stress in the event of a life-changing event so they can continue to plan for their weekend activities and that well-deserved vacation!