Why Mortgage Brokers Should Sell Private Health Insurance

As someone working in finance you’ll be well aware of the importance of diversifying your income streams. However, choosing the most prolific upselling opportunity isn’t always easy. In this article we look at why you should be selling private health insurance as a mortgage broker, and how to get the ball rolling.

Supply and demand

It’s a sad fact that the NHS has been struggling tremendously to provide many forms of healthcare in a timely manner for a few years. UK citizens are experiencing long delays for treatment, with some services, such as dentistry, now completely out of reach to some.

This has been reflected by the sharp increase in UK private health insurance policies held, with the industry having grown by £385m in 2023 alone. People’s health is important to them, and they are understandably doing whatever is within their means to protect it.

Who’s buying PMI (Private medical Insurance)?

Insurances are often viewed as superfluous by those struggling to get by, but clients purchasing in a new home are often keen to protect their new investment. Many mortgage brokers are able to upsell mortgage and life protection policies to people wanting to protect their home and family, and health insurance is no different.

In fact, health insurance could be seen as a more proactive form of protection, as it’s taking steps to prevent the need for critical illnessor life insurance claims, with access to timely medical intervention. This means that many clients are now way more responsive to having a conversation about private medical insurance, however, some demographics may be easier to sway than others:

• Higher earners/

• Older borrowers/retirees

• Self-employed

How to upsell PMI successfully

One of the main factors in selling any product is listening to your client. When you learn their needs, you can then match the opportunity to it. As highlighted above, there are certain categories of people who are typically more open to a discussion about their health insurance needs. However, take care not to dismiss other opportunities to help clients who may benefit from this type of protection.

Finance and health are both sensitive subjects for people and more often than not, become intrinsically linked, especially where people have experienced ill health. Perhaps your client has received delayed or unsatisfactory treatment from the NHS, or maybe a relative has experienced financial loss due to long term illness. These are just a few examples of where a carefully tailored but empathetic discussion could be key.

Of course, it’s also important to ensure that you are well-versed in all of the products at your disposal before you begin selling to ensure you can highlight the key benefits in any given situation. For example:

• Would they benefit from faster access to a specific type of health care? Highlight a product that provides this

• Would they prefer to choose their own consultants? Ensure the policy in mind has this option

• Are they concerned about pre-existing conditions? Only recommend products where this wouldn’t be a problem

Remember, always approach such topics with care and empathy and to highlight how health insurance takes care of them, rather than just ensuring their bills are paid if they get sick, like other insurance products.

If you need private health insurance customers, head over to our private health insurance leads page to purchase these enquiries.