historical overview of
previous protection products
Traditionally, financial institutions, auto or implement dealerships, or mortgage lenders offer some form of credit protection. For many years, credit life had been the only choice for protecting consumer loans. Credit life was developed to be easily implemented with little product knowledge and a one line approach, “Would you like your loan protected?”
Later, mortgage protections became available to cover mortgages and other high dollar, long term loans. These products originally provided relatively low cost coverage and paid off the remaining loan balance in the event of death.
None of these products earned or paid a redemption value
if the insured lived past the life of the loan.
A gap in protection exists for loans with floating balances, lines of credit or leases—a gap that still needs to be filled to protect both customer and financial institutions. This situation has compelled a savvy new generation of consumers to shop elsewhere instead of purchasing at financial institutions, auto or implement dealerships or mortage lenders.
The Buyer's Option Technology Sales System utilizes specialty insurance products that are tailored to the customers' financial health in a lending environment. The decline in credit life sales reflects the growing need to fill this void.
Botech not only bridges that gap, but also offers the customer a unique opportunity to build redemption value - Return of Premium - as they protect their loans, leases and legacies.
That's a fact.
