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Five things you should know… about protection

By James Watson, sales director at Paymentshield 

1. Your clients are not confident about insurance

Around one in three people admits to not being confident about what they are covered for under their insurance, according to YouGov research. This means there’s an opportunity for you to provide expert advice and peace of mind.

2. You can earn money without getting out of bed in the morning

Unlike a mortgage proc fee, which is a one-off payment, the income from a general insurance sale can be earned every year, as long as the policy remains in place. This can provide cumulative and recurring income for your business, without you having to lift a finger.

3. Record keeping is king

Stay on top of your client records to make the most of every opportunity. Remortgaging time is a good time to revisit your clients’ protection requirements: be proactive, understand what products they have and discuss whether more suitable cover is available. Also keep track of your team’s performance.

4. Get personal

Understanding your clients’ personal circumstances can help ensure they have the most suitable cover for their needs. So, don’t stick to the questions on a form – have a conversation about their lifestyle and aspirations. Even if they already have cover in place you may be able to identify a more suitable product.

5. There is no big secret to selling general insurance

It may not be your primary business focus but there is no big secret to selling GI. The main hurdle is making a habit of talking to clients about it. Make a specific effort to seize every opportunity over the course of two weeks and it will soon become part of your processes.



Protection that works for your self-employed clients

For anyone who’s self-employed, their income is the most valuable thing they have – although they probably don’t realise it. By combining Income Protection with Life Cover, you can make sure their mortgage is protected, or that they’ll still have a regular income if they’re unable to work.

Comment: The high net worth waiver can facilitate low-risk borrowing

When it comes to assessing affordability, there are a few distinct differences between the needs of mainstream and high net worth borrowers. The latter typically possess considerable assets,  but may have varying incomes and as such they do not always fit within the mainstream affordability mould. This is why when the Mortgage Market Review was […]


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