Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Top tips on talking insurance

explaining explaining
Francesca Krakue 4 minute read

An industry veteran and a successful mortgage professional share some key tips on how to have effective conversations with clients about insurance.

Speaking to The Adviser, financial services executive Steve Weston said that the best way to start talking to your clients about insurance is to introduce the topic early.

“It has to start from the initial conversation. Make it very clear to customers what they can expect from you, and that will include not just covering their home loan needs, but also discussing their insurance needs,” he emphasised.

Finance Made Easy’s Tony Bice told The Adviser that brokers should frame it to customers in the following way: “I simply say to the client: ‘Look, this is an extremely important part of the process. I know it's exciting buying your first home but you’ve also got to make sure that you protect your home or you protect your income.’


“Then I bring up the benefits of a risk insurance plan to protect their family. If they’ve got kids, I hone in on the fact that they have small children and it's important that if anything happens to either of them that the surviving party doesn't lose the house.”

Mr Bice added that most clients will appreciate brokers bringing up the topic of insurance.

“It’s not that you’re trying to sell them steak knives or encyclopaedias but you're selling them an actual benefit that they haven't been aware of or have been aware of but just haven't continued with,” he explained.

Mark Schroeder, director of insurance provider Spectrum Wealth Advisers, also recommended that brokers run through common objections that might arise with clients.

“Articulate the need and then go through the barriers: Is it high cost? No. Is it tax deductible? Yes. Is it easy to implement? Yes. Should you think about having it? Yes. You can just take them through those three steps. They'll understand, they'll make their own informed decision as to whether they want to be insured or not, and very rarely they'll say no.”


[Related: Selling insurance with mortgages ‘a no-brainer’]

Top tips on talking insurance
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.



more from the adviser
Renee blethyn NextGen.Net appoints head of broker

NextGen.Net has appointed its inaugural national head of broker ...

BBS Summit 2021 ta Better Business Summit and Awards Sydney postponed

Due to the ongoing COVID-19 resurgence in Sydney, the NSW leg of ...

Andrew Moulds Darren Smith ta Lend adds FleetPartners to platform

Lend has integrated vehicle fleet leasing and fleet management pr...