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Did you know that only one in ten adults has a protection policy of some type? This gives mortgage brokers a substantial opportunity to upsell protection policies when guiding clients through their mortgage application.
Mortgage add-ons are a great way to increase your profits, but can be a tough sell, especially in this economic climate. We look at three top tips to increase your conversion rates for life insurance, income protection, and business protection policies.
Tip 1: Personalise your pitch
Selling add-ons as part of your mortgage sales pitch might become a bit uniform over time. There are multiple products to offer, and it may be that you have specific points in each pitch where you mention each. For example, offering income protection insurance when you ask about their job. However, the greatest opportunities arise the more you get to know your clients’ needs.
Do they have regular outgoings for health care expenses? People with health issues generally have more realistic expectations about potentially becoming unable to work. This can mean that income protection is an easier sell than life insurance, for example.
Protection gets a bad wrap as some don't see it as an essential expense. Young people, in particular, tend to have rose-tinted spectacles in terms of their durability. Until people experience a setback, it’s tough for them to imagine they will ever have one.
This is where an empathic human approach helps to sell policies. Use examples of other clients who are demographically similar to them (obviously excluding identifying factors) and explain how protection insurance helped them avoid disaster.
Gain their trust by mentioning policies that would be superfluous, and explain why they would be. This way you’ll show that you’re not simply trying to increase your commission, but genuinely have their best interest at heart.
Finally, use visual aids and stats alongside your pitch, show clients the impact of not having the right protection when they have a mortgage. Facts are often the easiest factors for people to understand.
Tip 2: Know your products
There are a lot of different types of protection policies, and a lot of insurance providers offering their own version of them. When you already have a head full of mortgage lender criteria, it can be complicated to consider suitable add-ons at the same time. However, it’s often worth the additional effort, both for yourself and the client.
There are a wide range of free resources available from many of the insurance companies, as well as online courses in some cases. Take some time to improve your overall product knowledge, and take advantage of industry tools that can support you, such as software platforms and AI.
Tip 3: Learn to turn around common objections
The most common objection is likely to be cost-based, so it’s important to be able to show a balanced reflection of how little protection will cost in the grand scheme of their outgoings.
A great time to approach this is when assessing client bank statements. Look for a similar value outgoing and ask them how important that cost is versus protecting their income/home/family or whichever policy is relevant. For most customers, subscription costs are a great example, as they tend to be similar in value, but it’s tough to argue that Netflix is as important to your future as financial security.
Particularly for income protection, another objection might be that they already have employee protection. Ask them to bring in their policy and point out any potential shortfalls in protection it may have.
Last updated 4 April 2025