As a mortgage broker, your role extends beyond securing mortgages. By incorporating protection insurance into your client conversations from the start, you’re not only fulfilling your duty to avoid foreseeable harm but also providing invaluable peace of mind.
The Power of Proactive Protection
When discussing mortgage options with clients, take the opportunity to initiate meaningful conversations about protecting their families. By addressing potential risks early on, you’re demonstrating your commitment to their overall financial well-being.
Consider the following scenarios:
Critical Illness Protection: A client diagnosed with cancer and unable to work could see their mortgage payments covered by a critical illness policy, ensuring their family’s financial stability during a challenging time.
Income Protection: An injury preventing a client from working could significantly impact their lifestyle. Income protection insurance can provide a vital safety net, allowing them to maintain their current standard of living.
Tailoring Protection to Individual Needs
To identify the most suitable protection products for your clients, ask probing questions such as:
“Who relies on your income?”
“Could you maintain your current lifestyle if you lost your main income source?”
By carefully listening to their circumstances and goals, you can recommend products that align with their specific needs.
Leveraging Referral Partnerships
If you don’t provide protection advice yourself, refer clients on with our Protection Referral Service. This provides an option to refer customers to a Protection Referral Partner, who will advise on the most suitable products while ensuring good customer outcomes and you’ll earn an introducer fee.
Why refer your protection business?
- Ensure your customers get the advice they need when they need it
- Prioritise good customer outcomes
- Earn introducer fees
Conclusion
By incorporating protection insurance into your mortgage brokering services, you’re not only providing valuable financial advice but also demonstrating your commitment to consumer duty. By having proactive conversations, tailoring products to individual needs, and leveraging referral partnerships, you can significantly increase your protection business and enhance your overall service offering.
Request a call-back today to discuss the support that works best for your business.
By Kelly Kenton, Marketing Executive
