If consumers have already stretched themselves to buy their homes, they may have a limited amount of money to spend on cover.
Therefore, it’s important to create packages that not only meet customers’ needs but are affordable too.
Many protection providers with menu-based plans offer an interactive cover calculator that provides consumers with a straightforward method to create bespoke, affordable packages that meet their requirements.
Cover calculators allow brokers to show the different types of protection available to clients. Once the various options are presented, brokers can mix and match elements from different policies to find the most suitable approach.
For example, this can be done by reducing assured sums or increasing deferred periods for income protection payouts.
Brokers can keep changing the details until clients have tailored protection packages at monthly premiums they can afford.
This works particularly well with income protection, a policy sometimes overlooked by clients because of the cost.
While these are tough times for the mortgage market, cover calculators can help brokers make protection sales by matching clients’ needs with the right cover.