Sarah Thomson is a Senior Finance Broker at Loan Market Geelong. Sarah is a finalist for the Broker of the Year: Insurance (Mortgage Protection and Life) Award at the 2015 Australian Mortgage Awards. With a process that takes only 3 minutes, we suggest you have read of Sarah's profile...
What made you decide to offer your clients My Protection Plan?
The first policy that I put in place for a client was for a hardworking delivery driver, who was also a sole income earner. At the time, I ‘presumed’ that he would decline but instead he took it. 16 months later he was diagnosed with lung cancer and his mortgage was paid out in full. From that point on I realised to never assume – it’s not up to me to decide for them.
What keeps you motivated to continue to offer My Protection Plan to your clients?
After having a couple of clients claim, I don’t ever want to receive a phone call asking me why I haven’t protected a client when I had the opportunity.
At what point in the loan application process do you discuss My Protection Plan with your clients?
I first discuss My Protection Plan at application time. However, it is not until doc sign-up that we organise the policy and go through the ‘accept’ or ‘decline’ process.
How long does it take you to provide a quote and discuss My Protection Plan with your clients?
3 minutes.
You’ve had clients that you’ve protected make a claim. How did you feel knowing that you have been instrumental in your clients being protected?
A great relief!
I’ve had two major claims – the first was for lung cancer so the entire mortgage was paid out and the second was for a 42 year old who had melanoma cancer which he recovered from. He was paid around $83,000 within 3 days ….but he had forgotten about the policy! He was obviously extremely happy when he remembered!
What would you say to a colleague or broker considering offering their clients My Protection Plan?
If you’re not offering My Protection Plan to your clients then your business is extremely vulnerable, and I suggest you meet with one of ALI's fantastic BDMs to see how it can improve your business.
Protect your clients, protect your business/assets and be rewarded while doing it... It only takes 3 minutes!
I’d prefer to spend 3 minutes with a client organising My Protection Plan than spend 3 minutes with a lawyer whose client I didn’t offer My Protection Plan to.