How to protect your family – You need to listen to this one!
“When I became a mortgage broker, I really had to change my core beliefs about protection” – Sarah Tucker
In this episode of The Mortgage Mum Podcast, we talk about protection and why you need it.
Listen in above, or read on for a summary of Sarah’s conversation surrounding protection and the importance of it.
What inspired this episode?
I was interviewed by AMI (Association of Mortgage Intermediaries) on the importance of protection, and I came away feeling so passionate, I just had to record this episode for you. To raise awareness of protection – this really is a topic and an episode that needs to be shared because we all don’t talk about it enough.
There are a lot of good brokers out there who are protection writers as well. I was once one of those myself and I do believe it’s difficult to be an ‘expert’ in both. In The Mortgage Mum, I’m passionate about providing a world class service, and so I think you have to be an expert in your field – mortgage broker or as a protection writer.
How does The Mortgage Mum offer protection?
At The Mortgage Mum we have a division exclusively to do protection.
By protection I mean life insurance, critical illness, cover income protection building and contents insurance.
Mortgages are the thing that clients want initially, it’s a mortgage you want to buy your property. During our appointment with you we know about your goals, where your future self is going to be living and what your future self is going to be doing. We take everything into account when we’re looking at your mortgage, to make sure we’re accounting for your goals in the future and what’s right for you now.
It’s exciting, because we spend an hour to an hour and a half chatting and really getting to know you. But then we mention the need to talk about insurance and the energy is instantly diminished. We lose energy after a little while of absorbing big, big topics, such as money and mortgages. So your energy’s a little bit lower, we mention the word insurance and then your energy is even lower because insurance brings conversations surrounding death, illness and sickness.
This can create a ‘low vibe’ conversation but we have to dive into that topic and give it the time it deserves. By the end of the meeting, the whole atmosphere changed which we don’t want for our clients.
We want it to be a really pleasurable experience which is why we feel it’s better to hold mortgage meetings separate from protection meetings. We can keep that energy ‘high vibe’ before passing you over to our team of protection experts. Our protection team are the best we could ever ask for, they have an amazing reputation and with approximately 35 years of experience.
Insurance is a hard topic. It’s not nice. You have to be in the right frame of mind. You have to be mentally ready to be talking about it. You don’t want it sprung on you after you’ve just been imagining what’s going on your Pinterest board for your house.
Insurance is really important and those conversations are a completely different energy, completely different kind of trust and we really feel that it works a lot better having that dedicated division.
Core beliefs about protection – how have they evolved?
I adore my parents, I love and trust a lot of what they say, but I grew up in a home that believed insurance wasn’t necessary. Insurance was bad, but they’d had negative experiences of insurance and the idea that claims don’t pay, meaning you’re better off saving the money yourself. I also recall being told once, when I bought my first property, ‘if anything happens to you, the last thing you’re going to be worrying about is money’.
So when I became a mortgage broker, I really had to change my core beliefs about protection. Because of that, I recognise those core beliefs in my clients when I see them because I get it, I was exactly the same for so long. The more research I did, the more confidence I saw and I started to see the worst effects of a client, of a family, not having insurance and something else will help them.
I also saw the positive effects of when a family had their whole world crashing down. But thankfully, at least they knew their mortgage was being paid off.
The Mortgage Mum team understand
At The Mortgage Mum we have so much empathy, we really feel what you’re feeling. We experience the highs and lows with you and I can tell you, I spend a lot of money each month for my protection. That is my choice because my belief is so strong in what it is and what it does and why it’s so important.
If you feel like your broker is trying to sell you something that is not going to enlist in you the trust that you need to have these tough, uncomfortable conversations. It is for your benefit that you listen.
We really want people to understand why you need it and why it’s so important for you. It will help you sleep at night once you understand it. We know who pays out claims, and we do take that into account with our reset and our recommendations to you.
You’re getting first class advice which you can’t get on Google! There are many insurance companies and even I’ve been absolutely conned by building and contents insurance by buying the cheapest one on some search engine.
Eat the frog and get it off your list!
When my bathroom flooded through my ceiling, they didn’t pay out because of some clause that I hadn’t noticed. You need the right advice because the day you need it is the day you’ll wish you’d just taken a little bit of time or paid that little bit more attention.
With us, it’s complimentary advice, so hopefully this episode has made you want to ‘eat the frog’ – one of my favourite phrases at the moment. Get it done and off your list!
Once it’s done right once, you’ll know that you can just pick up the phone to that person and find out what you need to know. That is a safety worth having.
We can’t wait to help you weave that and mortgages and whatever else you need.
Listen to The Mortgage Mum Podcast on all major podcast directories including Apple and Spotify. You can also catch up on previous episodes on our website and on The Mortgage Mum YouTube channel.