A mortgage is a loan borrowed by people in order to purchase a real estate property. The collateral or security in these types of loans is the property itself, hence, making them secure for the lenders.
Timely payment of installments is critical in case of these loans, due to the fact that late installments invite huge drops in the borrower's credit ratings. Mortgage protection plans help cover the mortgage payments of the insured person, if he fails to make them on time.
Lack of awareness among consumers about a specific product always makes the sale of the product difficult. The same is the case with these types of insurance plans. These plans can be promoted through various avenues and channels.
The key to enhance the promotion of this product is to be creative, observant, and consumer friendly. Given further are some important leads that will help you to effectively promote your policy.
Explain the Insurance
No consumer is ever going to be interested in a totally unknown insurance policy. In order to convey the significance of this plan, it is necessary to explain, in simple words, the basic mechanism of such a financial instrument.
Disclose Calculations and Comparisons
Publish the appropriate formula that is put to use while establishing the premium and related returns for the borrower. The basic motive of disclosing such formulas is that, since every house has a different price range and varying debt installment, it is important for the customer to understand how that particular plan has been tailored for his case.
Disclose Significant Terms and Conditions
Insurance policies are always tricky to interpret. Hence, it is absolutely necessary to explain all the details, as well as the terms and conditions, that are attached to the insurance policy. Further, while disclosing the terms and conditions, clearly mention the things that are covered by the insurance policy and the things that are not.
Hence, maintain a customer friendly approach, and remember that this policy is all about keeping the customer stress free and happy.