Sometimes it is necessary to just go back to the basics. We form habits that may be working very well and then when we get crushed for time so we fall into old or even bad habits. It is important to ensure that you give every customer the opportunity to protect their loan. Give them the “right to decide.” Remind yourself about the importance of Payment Protection and why it is important to discuss PPI with your customer. Offer protection as “optional coverage”. Make it your business that you explain the benefits to each qualified customer and refer to coverage as Payment Protection or Loan Protection. Customers will rarely ask for protection. It is your responsibility to recommend the appropriate Payment Protection product to meet your customers’ needs. However, Payment Protection has many features; therefore, be sure to discuss only those features that fit their specific needs. Do not run through a litany of all the features because doing this will bore them and you will not be selling what is valuable to them. Follow the “Fab Four”:
1) Present Payment Protection at the point of loan origination.
2) Include Payment Protection with the first payment quote.
3) Give a positive and confident presentation.
4) Anticipate and be prepared that your customer may have questions, concerns, and/or objections. Provide adequate information in the initial introduction and match it to the customer’s specific needs. Do not be afraid of objections. Customers say no because they do not understand how it will benefit them. When faced with an objection, “BASK” in the moment!
✓ Be an active listener to identify what the customer’s true concern/objection may be.
✓ Ask open-ended questions to identify what product concerns they have. Once you have identified the true objection, you may then match the appropriate feature/benefit.
✓ Simply re-offer: “now that you see how this will benefit you and your family, let’s get the paperwork started”.
✓ Keep it simple. Remember features “Tell” and benefits “Sell”. Do not make the PPI decision for them. Give them the opportunity to say “YES”! Download PDF version here
