Taken from some outstanding mortgage and protection advisers I worked with in August 2021. In no particular order:
- Sweet spot pricing. If you haven't arranged a budget, then use sweet spot pricing. Present three sets of options. The Platinum, gold and silver. Aim for the gold to appeal most for affordability and cover.
- During the DIP – Decision in Principle meeting, obtain a budget to afford the whole package. Although affordability is discussed here, you must ensure the client thinks protection and mortgage are within the same budget.
- Quickly explain Critical Illness first before factfinding it. Clients don't understand it initially. "Do you know what CI is? Let me explain it first" Then coach the gap in critical illness.
- Ask if they know anyone close who has suffered from a critical illness and survived. Everyone knows someone who has had cancer or a heart attack. Then coach the gap.
- When discussing budgets or costs, help them compare the price to insurance that helps, not hinders. Keep away from pet insurance or phone insurance. Instead, focus their attention on car insurance and ask what the cost of that is. You're more likely to get £45 per month in return.
- Be passionate about what you do as a protection adviser. "My job is to ensure….", "I'm really passionate about protecting my clients". Show this enthusiasm when you sow the seed; it's what makes you unique and absorbing.