When Should I Offer Credit Insurance?
You will want to discuss credit insurance at the following points in your sales presentation:
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At the beginning of the sales presentation. When you are explaining the features and details of the loan, mention that there is a loan protection package available and you will discuss it in more detail later.
“Mr./Mrs. Borrower, based on what we’ve discussed so far, you would qualify for an unsecured loan with a 10% interest rate. We also offer our valuable loan protection package which would pay off your loan in the event of death or make your monthly payments in case of disability.”
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The first time you discuss a monthly payment, include credit insurance.
“Mr./Mrs. Borrower, based on what we’ve discussed so far, your monthly payment would be $350 and that includes our valuable loan protection package.”
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If you have an opportunity to contact the borrower at a later date with a loan approval, include credit insurance with the good news.
“Mr./Mrs. Borrower, your loan has been approved, and we need to schedule a time that is convenient for you to sign the loan documents. The loan includes the loan protection package that we discussed earlier. What time would be convenient for you?”
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When signing loan documents, give the borrower one last opportunity to enroll in the loan protection package and have the credit insurance premium included in their monthly payment. (Note: Check with your loan center administration for procedures in this situation.)
“Mr./Mrs. Borrower, this is the last opportunity to enroll in our loan protection package for pennies a day. Have you had a chance to think about what we talked about before? I would be glad to include the loan protection package in your loan documents now. How does that sound?”
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