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Want to generate high-quality mortgage protection leads?
If you are selling mortgage protection insurance and want the BEST mortgage insurance leads, you’re reading the right article!
Today, you’ll get a “deep-dive” review on your options for generating mortgage protection insurance leads.
If having quality… fresh… and EXCLUSIVE mortgage protection leads is something you REALLY want… then you’ll definitely want to stick around.
So, let’s get started… =)
NOTE: Are you an aspiring or new insurance agent looking for more insight on how the insurance sales industry works? Check out my free New Insurance Agent Resource Guide to help answer many of your questions (as well as ones you didn’t know you had!).
If you’re like most insurance agents, you wonder what are the BEST mortgage protection leads to work.
Luckily, that’s an easy question to answer…
Bottom line, the BEST source for mortgage protection life insurance leads are via direct mail lead generation programs.
That’s right! Direct mail is KING in the mortgage protection insurance leads business.
Like selling other life insurance lines, mortgage protection direct mail leads drive the biggest percentage of new policy sales relative to the other types of leads available.
No matter if you work with multi-level marketing insurance agencies or boutique-style agencies like mine, direct mail is the most common form of lead generation mortgage protection agents use.
If you’re new, you probably wonder why direct mail mortgage protection insurance leads work so well.
Before we get into that, let’s do a basic rundown of how direct mail works.
The power in mortgage protection direct mail leads is in the list of prospects targeted.
And it all starts when someone buys a new home with a home mortgage.
For example, each county requires mortgage holders to have their information on record at the local courthouse.
And in the effort to make even MORE money off of taxpayers, courthouses sell your mortgage information to whomever wants it.
This information is tremendously useful to us agents. We know their mortgage amount, what bank the mortgage is with, the purchase date, and so forth.
As with any marketing effort, the more information we have, the better the quality of the lead.
Within a few days, lead houses like the ones we work with purchase this information for agents interested in sourcing mortgage protection insurance leads.
The mail goes out and returns first class to enhance the turnaround speed.
Bottom line, good mail houses turn your mortgage protection insurance leads around within 2 to 3 weeks of ordering.
One thing I’ve discovered is that the “heavy hitters” almost ALWAYS use fresh and exclusive mortgage protection direct mail leads.
They follow the same outline above, receiving 15, 20, or 25 mortgage insurance leads weekly to hit their weekly production goals.
This is how they do business. This is what keeps them in the business.
Ultimately, direct mail mortgage protection leads allow top producers to close LARGE amounts of premium, week after week.
I can’t stress it enough…
Beyond getting mortgage protection direct mail leads that are exclusive AND fresh…
…The LIST is the BIGGEST reason why direct mail leads are so effective in selling mortgage life insurance.
Remember, people replying to your mailer are in a window of buying opportunity.
Recent home buyers literally JUST made the BIGGEST investment they’ve ever made.
Bottom line, buying a home is a very EMOTIONAL purchase.
And, along with that purchase comes the realization that suddenly dying would leave his family at risk of losing the home due to his loss of income.
And that fear is your opportunity!
Now you know HOW direct mail mortgage insurance leads are generated, lets talk about WHAT a typical mortgage protection direct mail lead discusses in the mailer.
What you’re looking at is a standard mortgage protection direct mail lead.
Included on the lead is:
Why do I like this mortgage protection insurance lead?
It’s very direct and benefit-laden. The lead discusses life insurance riders. Plus it sells the idea of owning life insurance to cover the mortgage.
Lastly, you’ll see the bottom portion of the lead is detachable. That’s what you’ll receive once the prospect mails it back.
Let’s take a look at another direct mailer you can use.
While different from Example 1, it is conceptually identical.
Bottom line, both lead types work very well… as LONG as you get them fresh and exclusive.
Earlier, I referenced why both FRESH and EXCLUSIVE mortgage protection direct mail leads are vital to the full-time agent.
For the record, “fresh” mortgage protection insurance leads refers to getting leads that were JUST created within a few days ago (not months or years).
And “exclusive” means that your mortgage life insurance leads will NEVER be resold, or weren’t ALREADY resold BEFORE you took them.
Why are fresh and exclusive direct mail leads are crucial to your success?
First, fresh and exclusive mortgage protection direct mail leads provide a higher opportunity for sales conversion than older, shared leads.
Think about it.
Who do you think would have more interest in buying mortgage protection?
The person who JUST bought a home…
…Or the person who’s had 6 agents call on him in the past six months since he bought his home?
Hopefully, the difference is clear…!
While most everyone will agree that fresh direct mail mortgage protection insurance leads are the best, the truth is that most MLM-focused insurance agencies will NOT sell you these leads.
Instead… they sell you aged, already-worked leads!
Now don’t get me wrong.
I’m not saying you WON’T make sales with these mortgage insurance leads…
I’m saying the ODDS of sales are much LOWER than the higher-quality direct mail you could elsewhere.
You’ve GOT to get fresh and exclusive mortgage protection direct mail leads if you want to make the most of the mortgage protection business.
Fresh, exclusive mortgage insurance leads puts you in front of the BEST, most likely-to-buy prospects.
And THAT’S where any productive mortgage protection agent wants to spend ALL his time.
Because of how competitive this business is, you want to be the FIRST (not last) agent in the door.
And that means getting your mortgage protection life insurance leads as QUICKLY as possible.
Bottom line, aged, resold mortgage life insurance leads do NOT do this.
Instead, fresh and exclusive direct mail leads provides you the best opportunity to leverage the law of large numbers in your favor, maximizing the number of quality appointments you can set, each and every week.
If you want real success, you must do things RIGHT from the beginning.
A lot of people come into the business and short-change their what awesome results they could experience.
Because they’re afraid of the investment… and taking the RISK on themselves.
So they go the cheap route. And what’s BAD is that most agencies actually ENCOURAGE you along the cheap route for mortgage protection leads!
Let’s transition to discussing what to expect to pay for mortgage protection mailer leads.
There are 3 different price points for the mortgage protection leads I source for my agents.
Working in my agency, you have the opportunity to purchase fixed-price, fresh and exclusive mortgage protection direct mail leads.
Fixed pricing eliminates any response-rate risk you may experience. This allows you to control your lead costs, which is the biggest cost-driver of your business.
My fixed priced mortgage protection leads cost $53 a piece.
Depending on whether the agent sells part-time or full-time, the average agent will get 10 to 25 leads weekly.
Of the 3 direct mail programs available, fixed pricing for mortgage protection direct mail leads is my preferred choice.
Reach out to me here if you’d like to learn more about how you can take advantage of the program.
If your requested area is not available for fixed pricing mortgage insurance leads, I have access to vendors that will drop leads on a per thousand basis.
This means the mail house charges somewhere between $650 to $690 to drop 1,000 mailers.
For this type of mailing program, no guarantees on response rates exist. But most mortgage protection mailer campaigns return 1% to 1.5%.
Otherwise, these mortgage protection insurance leads perform in the same way as the fixed price leads.
For example, we mail people who bought their home in the past 7 days.
Additionally, if you need more lead opportunity than your area allows, you can mail new home purchases completed over the past 90 days.
This is a good way to get extra mortgage protection leads in an area, especially in lower population areas.
As of March 2019, rates for these mailers range between $525 and $560 per thousand. Response rates range between 1% and 1.5%.
Remember, mortgage protection leads have much higher conversion opportunity than other life insurance products.
Even though lead pricing is higher than leads used selling final expense or selling Medicare Advantage, most agents sell a higher percentage of their mortgage protection leads. Plus, first-year commission payouts are higher.
Direct mail is not the only source for mortgage protection prospects.
Let’s talk about online mortgage protection lead generation tactics.
If you can design Facebook ads, Facebook has the option for ads to display to new home owners.
This means you can take an ad that performs well via direct mail and adapt it to Facebook to generate more mortgage protection leads.
Alternatively, if you’d prefer not to fool with learning how to generate leads, we can help you with a per-lead source.
Our agents have access to Facebook-generated mortgage protection leads on a fixed-price basis.
Depending on where the lead is generated, costs range between $40 and $50 a piece.
If interested in learning more, reach out to me here.
What if you’re broke and need free mortgage protection leads?
Lucky for you, there are 3 different ways to get cost-free or almost-cost free mortgage protection insurance leads.
It requires a little “sweat equity,” but that’s what it takes sometimes!
Let’s start with our first free lead source…
If you recall, when someone purchases a new home and takes out a mortgage, it’s filed at the county courthouse in the public record.
And for little to no cost, you can gain access to the very same information that mailers and Facebook uses to advertise!
Here’s how you do it.
First, look for the deed section.
If you get there and are unsure as to where it’s located, ask employees where the courthouse stores mortgage information.
In some cases, the mortgage information is freely available.
Other times you’ll have to pay a small fee per page, or a monthly subscription fee to access unlimited information.
Some courthouses even have this information online, eliminating the need to visit.
Simply put, you take a list of new mortgage filings (these are your mortgage protection insurance leads) and pay a personal visit to each, asking for an appointment on the spot.
Now, this may sound like cold calling to you, but it’s WAY better.
Because you gathered so much IMPORTANT information on our prospect that it equates to a higher appointment conversion rate relative to the standard cold call approach.
Here’s the script I recommend when canvassing a new mortgage list created at the courthouse:
“Hi, you’re Mr. Jones, right?
My name is David Duford and the reason I’m here today is because I just got notification of your new home purchase and wanted to congratulate you and also share with you a special program I offer that pays your mortgage off entirely if you or your spouse passes away.
All I need is 5 minutes to show you how it works, and whatever you do with the information is up to you. Is now a good time or would tomorrow at 6PM work better?”
I talked to one agent using this strategy with much success.
It takes him 4 contacts to book one appointment.
And out of every 2 appointments, he makes 1 sale on average.
Let’s do the math on this…
In other words, it takes him 8 door knocks to make 1 sale.
And if his average commission is $800, this means that each door knock is worth $100!
Those are sick numbers, alright! And not too shabby whatsoever for a lead system that requires virtually zero investment.
What’s the biggest drawback to this approach?
These are cold approaches.
You do not know these people, nor know if they have any interest prior to calling on them.
But here’s the thing… these folks WILL get mortgage mailers.
So they WILL have a “top of mind” awareness about getting life insurance to cover the mortgage.
My point is this.
While you’re approaching them cold, it’s not REALLY that cold of an approach.
They’re getting piles of mortgage protection mailers already.
And it’s likely the worry of losing the home to foreclosure if either spouse passes away has crossed their minds.
You can also generate mortgage protection leads from referral relationships with other members of your community.
My favorite referral generation sources for mortgage protection are from other vendors that focus their prospecting efforts on folks who recently bought a new home.
As mentioned earlier, recent home buyers are in an elevated state of consumerism.
Figuratively speaking, their wallets are WIDE open.
New furniture, new electronics, etc… new home owners are in a buying frenzy.
My point is… if you can develop relationships with vendors who actively serve the SAME market as you, you can develop LOTS of great referral sources.
Let’s discuss some of the best options to generate free mortgage protection leads on a referral basis.
Your realtor or friends who are realtors make great referral relationships.
They know who’s buying BEFORE your competition knows.
Plus, they can provide detailed information about their clients that you can use to convert more referrals into appointments.
Consider joining a local BNI chapter.
BNI groups meet once a week, and focus on helping everyone develop referrals.
Naturally, the best way for you to get referrals is to GIVE referrals first, so make sure you’re there to give first.
Giving is reciprocal. Whenever you give a gift, the recipient feels obligated to return the favor.
So, think of ways that you can give referrals and trust that in the long-term you’ll receive WAY more in return.
My favorite free mortgage protection lead generation tactic is scheduling short, 20-minute educational seminars with local groups to discuss insurance-related topics.
Here’s how it works…
You give short yet informative talks on topics related to mortgage protection life insurance.
What you’ll find that these short speeches are extremely powerful in creating high-quality, free mortgage protection leads.
First, there’s little to no cost to giving educational talks.
Second, since you are perceived as the expert, you’ll develop high-quality mortgage insurance leads from the audience and from people they refer to you.
And who here doesn’t love free, high-quality mortgage protection leads?
My suggested strategy is to generalize your talks.
Present interesting facts and figures about life insurance that would interest people, but not bore them to death.
And definitely DO NOT SELL. Just educate!
Trust me, you’ll get plenty of mortgage protection insurance leads this way =).
The biggest advantage to giving educational talks is literally NO ONE is doing it!
Rest assured… most people are DEATHLY afraid of public speaking, more so than dying!
And this mental barrier is your opportunity!
Bottom line, you’re in a league of your own.
You will eliminate much of the competition you’d experience in other life insurance lead generation systems.
Plus you’ll find that booking educational speaking engagements is easier than you’d think.
Speaking opportunities are abundant!
Literally ANY regular group meeting in your town is a prime target.
For example, you can target Kiwanis Club or Rotary Club meetings.
Many churches have small group meetings for women, recently married, widows, and so on.
What about support groups?
There are all sorts of support groups that meet locally for weight-loss and disease-related support groups.
What’s great is that many of these group meetings become boring, and speaking on an interesting topic breaks up the monotony.
Let me give you some tips on giving a highly-effective speaking event.
So you know I have extensive speaking experience myself, I used to give seminars to sell insurance. I offer a program to help agents give educational seminars to sell final expense, mortgage protection, and other insurance products.
Above all else, be helpful!
Provide an educational experience for your audience. Resist the urge to pitch and sell from the podium.
By presenting useful information, you’ll generate plenty of mortgage protection leads.
For example, talk about the reality of why people lose their homes.
Discuss how disability and death causes home loss, foreclosure, and bankruptcy.
Talk about death and what happens to families when a spouse or parent dies.
Use Google to find an endless supply of first-hand stories to share with your audience.
“The best things in life are free!”
Seminars cost little to nothing to hold, meaning it’s very easy to get up and running.
If you were to hold only 2 or 3 seminars weekly, I’m sure you’d generate plenty of quality mortgage protection leads, and sell enough to make a good living.
And since speaking publicly repulses most, this means you have little to no competition for booking speaking engagements and for clients you generate from the speaking engagements.
Beyond having to speak publicly (if you’re fearful), the only con is not being able to control the size of the audience.
Your seminar may have dozens of attendees. Or you may have none.
I’ve certainly run the gamut myself, having as many as 50 people show up, and doing seminars multiple times where nobody shows.
Bottom line, prospecting with seminars is a numbers game.
You want BOTH consistency in lead generation, and consistency in creating new clients.
And that requires at minimum 2 to 3 seminars weekly.
You may feel you cannot hold speaking engagements until you cultivated personal experience in the business.
I’m here to tell you you’re 100% wrong!
The fact that you’re a licensed life insurance agent qualifies you as an expert.
You may not feel it, but relative to the general public, you are.
Which brings me to my point.
Expertise is a relative definition. Which means you should have no qualms doing educational seminars about life insurance, even if you’re a newly licensed life insurance agent.
The point is you have to change your belief patterns on this.
Realize that it is your mindset that’s holding you back from engaging in a helpful and profitable prospecting endeavor.
Here are some concluding thoughts on mortgage protection leads.
The bottom line is the top agents generate the bulk of their mortgage protection insurance leads via direct mail on a fresh and exclusive basis.
It’s rare that you see any differentiation at the top levels of production.
Naturally, they cultivate referrals. But direct mail mortgage protection leads are the primary driver of their new business production.
If you were interested in becoming a top mortgage protection agent, my advice would be to duplicate what already works.
And recruiting and personally training agents since 2013, there’s no doubt that top producers all follow what they’re instructed to do with lead generation.
Why try to reinvent the wheel, right? Just do what others have PROVEN to work!
And in mortgage protection sales, direct mail lead generation provides the best avenue and highest odds of success.
Perhaps you’re thinking about starting with a cheaper lead type.
Maybe you want to buy aged mortgage protection direct mail leads, or some other type of mailer that’s inexpensive.
You’re afraid of taking the financial risk of several thousand dollars in mortgage insurance leads in play.
While I understand your concern, I also KNOW from first-hand experience that you’re VASTLY lowering your odds of success.
In fact, I have recently restricted my recruitment of agents to only those willing to buy fresh and exclusive direct mail mortgage protection life insurance leads.
This is for BOTH my sake and the agent’s.
They avoid wasting money on a much lower-odds lead. Plus, I don’t have to try to convince them that “a lead is a lead,” even if the “lead” has been worked a half-dozen times over the past year.
Here’s the proper perspective.
Buying direct mail mortgage protection leads is not an expense.
It’s an INVESTMENT.
Many newbies to the mortgage protection sales business see the price tag on mortgage mailers and recoil at the price, thinking it’s a high *cost*.
That’s the wrong mentality to have about one of the most crucial components to your business.
All businesses have operating costs and investments necessary to operate.
For example, before restaurants experience a profit, they must purchase quality food and hire staff in advance.
Sure, the upfront cost are high.
But would you rather a restaurant skimp on buying quality food, or hire poor service, because the “cost” is too high?
So why do that in your mortgage protection business?
Perhaps you like the idea of selling insurance, but are worried about failing, since more than 90% of agents fail out within the first 12 months.
How do you minimize your chances of failure?
Here’s my advice:
The good news is that mortgage protection sales does not require nearly as large of an investment as most other businesses.
Plus, you have the opportunity to realistically break even and profit a multiple of your mortgage protection leads within your first 30 to 45 days of selling.
Expanding on that thought, if sincerely give mortgage protection an honest college-try and cannot break even in your first month, that’s your sign this business isn’t for you.
This assumes you have access to all 3 pointers above – fresh direct mail, working with a mentor, and maximized commissions.
Interested in learning more about how I can help get access to affordable fresh and exclusive mortgage protection direct mail leads?
Here’s what to do.
Go here to learn in detail about how my new and experienced mortgage protection agent program works.
My focus is helping agents interested in becoming top-producing mortgage protection agents.
See my many Agent Success Stories for more details.
I supply them with fresh and exclusive direct mail mortgage protection leads, top insurance carriers, and excellent commission levels without the typical Kool-aid drinking “rah-rah” stuff predominant in the business.
Plus, you get access to me on a 1-on-1 basis, anytime you need help with ANYTHING. Sales questions, carrier questions, anything!
My aim is to serve YOU to help you succeed in selling mortgage protection.
I look forward to hearing from you soon. Thanks for reading!
Are you looking into selling mortgage protection insurance?
Do you want to increase your odds of success in mortgage protection sales?
If so, this article is for you!
Today, I discuss the pros and cons of selling mortgage protection insurance.
So… sit back, take notes, and let’s begin!
NOTE: Are you an aspiring or new insurance agent looking for more insight on how the insurance sales industry works? Check out my free New Insurance Agent Resource Guide to help answer many of your questions (as well as ones you didn’t know you had!).
Mortgage protection insurance is a life insurance product designed to pay off the insured’s mortgage upon passing.
Studies show that one of the biggest obligations that households carry is the home’s mortgage.
In many cases, the mortgage is the biggest financial obligation needing coverage.
And when someone BUYS a new home, she realizes that she’s REALLY taken on a TREMENDOUS debt.
A debt that would be disastrous if the breadwinner died and the surviving family couldn’t pay!
This is why selling mortgage protection insurance is so powerful.
Most mortgage protection products are non-medical term life insurance policies.
This means no exams are necessary.
Your prospect will NOT take an exam, give blood, or pee in a cup.
Mortgage protection products focus on faster underwriting compared to traditional life insurance products requiring an exam.
And the big positive of fast mortgage protection policy approval = FASTER pay for the agent.
Nevertheless, you can certainly write fully underwritten life insurance for mortgage protection prospects.
With fully underwritten policies on healthy applicants, premiums are lower compared to simplified issue coverage.
However, since most agents generate mortgage protection leads via direct mail, it’s paramount to cover costs quickly.
And that’s why many agents choose simplified issue coverage over fully underwritten coverage, due to faster issue and pay.
In most cases, you will write a lot of term life insurance on your mortgage protection prospects.
Not always, though.
You will have older prospects with health issues that cannot qualify. And that’s where selling final expense insurance to them comes in handy.
With these prospects, I suggest selling a “mortgage payment protection” plan.
The concept is simple. The final expense plan pays a number of mortgage payments over time.
This buys the surviving spouse or family time to pay off the mortgage, avoiding foreclosure or loss of equity.
Now you understand the basics, let’s discuss the pros and cons of a career in mortgage protection sales.
The average mortgage protection monthly premium ranges between $70 to $80.
At fair commission percentages, your earnings should average $700 to $900 per closed deal.
Not too bad if you sell mortgage protection insurance policies several times a week!
Mortgage protection lead generation comes from life-event marketing.
In other words, prospects responding to our solicitations JUST purchased their new home.
And we know folks who recently bought a home are more open-minded to buying insurance.
Why does this matter?
This means you’re likely getting a stronger lead than using final expense leads, which requires casting a larger net.
Incidentally, mortgage protection agent presents to and closes a higher percentage of leads relative to other lead-based insurance sales systems.
Also, mortgage protection lead sales copy is very specific.
Your prospects know EXACTLY what the card is about.
And this allows for a higher closing opportunities!
Keeping it simple is the name of the game in selling mortgage protection insurance.
And that includes simplification of the application process.
Most mortgage protection carriers have electronic application capability. This means the potential for instant approvals upon application submission.
Usually, there are no phone interviews required at or after the point-of-sale.
And there’s definitely NO lengthy exams and underwriting decisions.
If a case isn’t immediately approved in the home, expect your mortgage protection prospect getting an underwriting decision within a week or two.
The good news about selling mortgage protection insurance?
You have multiple product sale opportunities beyond mortgage protection.
For example, you will uncover:
Let’s talk about the best markets to sell mortgage protection insurance.
While you can sell mortgage protection insurance anywhere, most agents work leads in medium to large cities.
Response rates for mortgage protection leads are 1% to 1.5% (sometimes more, sometimes less) on 1,000 mailers.
This means that we need 1,000 *new* mortgage or refinance filings weekly to hopefully get 10 to 15 leads!
From personal experience, the full-time mortgage protection agent needs 20+ leads weekly to make a great income.
And it’s rare even a medium size city has 500+ new home closings or refinances.
Now can you see why we need to target multiple, larger cities?
For example, I discussed mortgage protection lead generation with an insurance agent Ohio.
To get 20 leads weekly, he’d have to work Columbus, Cincinnati, Toledo, Dayton, AND Indianapolis!
And he had to simultaneously work ALL these areas WEEKLY to stay busy.
Selling mortgage protection insurance requires you to visit your prospects at their home after work.
And like most sales made to couples, you’ll want both spouses available when booking the appointment.
Unlike final expense or Medicare Supplement sales, most mortgage protection presentations take place in the evening, so expect to work when everyone else isn’t.
Let’s discuss mortgage protection training and selling our prospects.
Here’s the truth…
Multi-level marketing (MLM) HEAVILY influences the mortgage protection sales market.
For example, if you’ve seen a mortgage protection agent ad on Monster.com or ZipRecruiter.com, chances are it was from a MLM agency.
And therein lies the problem.
Multi-level marketing mortgage protection companies focus almost exclusively on recruiting over training.
Additionally, commissions levels are notoriously poor with MLM agencies relative to producer-oriented organizations like mine.
Typically, there are 10+ people taking a cut off of your production, meaning it’s difficult to raise commissions to peak levels.
My recommendation is to AVOID multi-level marketers and find an agency focusing on sales skill development first and foremost.
Undoubtedly, the BEST mortgage protection lead system utilizes fresh and exclusive direct mail leads.
Fresh leads mean you get leads responding literally DAYS prior to receiving them.
And exclusive leads means your lead company will NEVER resell your leads.
Here’s why this is important…
Mortgage protection sales is VERY competitive.
You can expect your prospects to receive many mailers after their house closes.
For example, when I closed on my home recently, I received 4 solicitations for mortgage protection over a week’s time.
And if your prospect sends back multiple mailers, you want to be the FIRST guy in the door.
NOT LAST! Because the FIRST one in WINS!
For example, our direct mail system for mortgage protection agents is focused on fast turn around.
We mail out the lead first-class and get the card sent back first class.
You can expect to see returns within 2 to 3 weeks of your first direct mail order going out.
You MUST make sure your mortgage protection leads are exclusive to you.
Here’s what I mean.
Many multi-level marketing agencies actually resell your leads.
As much as they claim to be in the insurance business, they are equally in the lead business.
For example, after the MLM generates a fresh lead for an agent, the lead is offered for resale at a discounted rate approximately 30 days later. This reselling repeats multiple times.
Unfortunately for agents new to selling mortgage protection insurance, most likely all your leads are aged, already-worked leads 6 to 12 months old.
Why is this problematic?
Picture you’re the prospect talking to the 3rd or 4th person about mortgage protection over the phone.
How would you respond? Irritated at best, right?
Couple this along with a newer, inexperienced agent working these leads, and you have a recipe for disaster.
Look, you CAN close any mortgage protection leads, old or new.
But the odds are you’ll experience more difficulty as a new person working old, worked mortgage protection leads.
Instead, work FRESH leads that have NEVER seen an agent and will NEVER be resold to increase your odds of success.
As a successful national agency, I can tell you this…
It’s CRUCIAL to operate your business as an independent agent with multiple mortgage protection insurance carriers.
As an independent agent, you have access to a multitude of mortgage protection life insurance companies.
And having multiple carrier options gives you pricing and underwriting flexibility.
This allows you to maximize the number of policies sold and the number of prospects you can insure.
Many large multi-level marketing mortgage protection agencies are married to one or two insurance companies.
They’re required to keep quotas to retain their high commission contracts.
And this means they’ll push a particular carrier on you, whether or not it’s the best match for your client.
Why is this a problem?
Well, if our prospect sends in another mortgage protection lead, and discovers that he can get a better deal, he might drop your policy.
And when you LOSE a deal, you must repay most if not ALL of your advanced commission.
Multi-level marketing mortgage protection agencies are NOTORIOUS for starting agents at low commission levels.
In fact, the most popular agencies start commission levels at HALF of what producer-focused agencies like mine do.
Here’s why this matters.
While all agencies have uplines, MLMs typically have 10 to 15 people between you and the insurance carrier.
That means that 10 to 15 people PROFIT from the sale you made!
Ask yourself… do 10 to 15 people DESERVE to take a commission from your deal?
Most business incur costs to operate.
For example, a restaurant must pay waiters, cook staff, and food to successfully operate.
Selling mortgage protection insurance is no different.
Your biggest cost of doing business is lead expense.
And if you’re buying fresh leads at $40 to $60 a piece at a low commission level, this has immediate impact on your ability to make a lucrative income.
As you progress and write more business, you’ll find with MLMs that your ability to grow your commission levels are stunted.
For the same reasons mentioned above.
You have 10 to 15 people that profit from your activity. Eventually you reach a ceiling where your commission cannot increase any longer.
This means you are forced into a long-term low commission level and can NEVER maximize your take-home income.
What should your starting mortgage protection commission be at?
In my agency, when I recruited mortgage protection agents (all I recruit now are final expense and Medicare agents), I started new mortgage protection agents between 90% and 110% first year commission mark with room to grow.
Look, you SHOULD take home the lion’s share of the commission, NOT your upline!
After all, YOU’RE the one investing YOUR money and time into your mortgage protection sales business.
Along with a strong lead generation system starting commission level, you need access to mortgage protection sales training and support.
When you’ve got an underwriting question, product question, or sales-related question, you should have someone who can help you out.
You want a mentor that can coach you how to improve, analyze your sales calls, and give advice on how to become a better mortgage protection agent.
Better yet, you need someone who’s actually SOLD insurance first-hand, not a marketer with no in-the-trenches experience.
This is why I still sell face-to-face with insurance prospects from time to time.
It’s vital to have a pulse on the sales process to retain relevance.
In mortgage protection sales, not everything is rainbows and sunshine.
There are both good and bad aspects to selling any type of insurance product.
Mortgage protection is no different.
Let’s discuss those drawbacks now.
Lack of lead density is the biggest drawback to selling mortgage protection insurance.
Here’s a quick story demonstrating my point.
When I pull up data to start a mortgage protection lead campaign in my area for 20 leads weekly, I’m forced to work 4 cities 150 miles away from me.
This means I’ll have substantial windshield time traveling multiple hours in one direction to work a handful of appointments.
Unless you live in Chicago, Los Angeles, or Orlando, you’re likely in the same situation.
I remember one agent who lived in Dallas that would drive 9 hours to El Paso to work.
Point is you have to think long and hard if you’re willing to “pay the price” of what’s required to work mortgage protection leads.
Are you willing to travel away from home multiple nights a week? Is this conducive to your family life?
If not, consider insurance sales systems that keep you closer to home like Medicare, annuities, or final expense.
Compared to final expense and Medicare Supplement leads, mortgage protection leads are very expensive.
Because the cost to acquire a list of new mortgage filings is higher than purchasing a list based on age and income.
Plus, mortgage protection direct mail leads usually go out first class and come back first class, adding higher costs.
Also, we get important data such as the name of the bank and the mortgage amount, which costs extra.
What can you expect to pay for mortgage protection leads?
A fresh and exclusive mortgage protection lead cost in the mid-$40s to mid-$60s range, depending on the agency or lead house you buy from.
That’s about average for a non-subsidized direct mail mortgage protection mailer.
However, I argue you get what you pay for.
While the cost IS higher than other lead systems, mortgage protection leads are some of the BEST life insurance leads to work in the business.
The show rates are higher, and the close ratios are higher, too.
Learning how to sell mortgage protection insurance successfully requires most of your presentation times in the mid-afternoon and evenings.
A good mortgage protection agent will get 3 to 5 appointments daily. She’ll start around 3PM, wrapping up the day at 10PM.
Sure, you’ll get people who’ll meet earlier. Just understand a full-time effort takes 10 to 15 appointments weekly over 3 to 4 days.
And you’ll most likely run appointments well into the evening to hit your activity and production goals.
On a good note, since mortgage protection sales are run at night, this means it’s easier to sell mortgage protection insurance part-time.
One of my goals in this article is to help you find the right mortgage protection agency to call home.
As you’ve read earlier, many “shady” aspects of this business exist you must make yourself aware of.
You should strive to not only learn how to make a good living selling mortgage protection insurance, but also how to best help your prospects, too.
This facilitates pride in your work, and empowers you to have a great career in mortgage protection sales.
Too many agents leave this business because the “business opportunity” is poorly designed.
They discover how terrible commission levels are, how junky the leads are, and eventually conclude there is not realistic upside potential.
Many agents give up, leaving the industry with a bad taste and disillusionment of what’s possible.
Let’s discuss some major factors to considering partnering with a mortgage protection insurance IMO or agency.
In-person training is vital for many new mortgage protection sales agents.
You want an experienced agent show you the process of how to sell mortgage protection insurance face-to-face.
Learning how to sell is an experiential-based, first-person process. You sit down with your client, you get them to trust and like you.
You ask questions to qualify, then make an offer to do business, all while persuading him why doing business with you is a good idea.
Having someone on your side to coach and support you is vital.
Ultimately, success in selling mortgage protection insurance is YOUR responsibility.
It’s your job to set the appointments. It’s your job learn the presentation. It’s your job to EXECUTE!
However, not everything goes according to plan, even with best-laid plans.
Here’s my point…
You WILL have issues starting. And you WILL need help!
You may need advice with underwriting difficult cases. Maybe you’ll have a sales-related issue you need advice on.
Either way, you need an experienced pro who will take your call, text, or email, providing answers to your questions.
With that said, what you want to AVOID is working with a mortgage protection insurance IMO or agency whose focus is on recruiting, not producing.
Many times, these recruiting-only type of “trainers” have NEVER sold the first life insurance policy!
Think about it.
How can you expect someone with ZERO insurance sales experience to help when you need it?
Would you take lessons on becoming a heart surgeon who has ZERO experience actually DOING heart surgery?
Of course not!
We wouldn’t expect that in a professional capacity and we shouldn’t expect it in selling mortgage protection insurance.
Bottom line, make sure your mortgage protection agency gives the potential for maximum upside commission potential.
Luckily, this problem is mostly solved when you partner with an insurance agency that focuses on agent development first, and recruiting second.
In summary, let’s recap important takeaways as you decide whether or not you want to sell mortgage protection insurance.
Hopefully, you can see that multi-level marketing is highly prominent in the mortgage protection sales business.
Just about everything is worse working with a MLM mortgage protection business.
Commissions are WAY lower. Leads are lower quality.
And recruiting your friends and family takes prominence over developing you into a top gun producer.
Effective mortgage protection agents understand that the FRESHNESS and the SPEED of receiving the direct mail lead is CRITICAL to their success.
You will experience measurably higher levels of success with the RIGHT lead generation system in mortgage protection sales.
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Most likely you’re here today because you’re looking for the best final expense FMO to partner with.
Maybe you are currently selling final expense, and interested in changing your final expense IMO or agency relationship. read more
You may qualify for a state-regulated program to pay for your final expenses. It is important you know how to qualify for this life insurance benefit available to you. This benefit will pay for 100% of all funeral expenses up to $35,000. This payment is tax free for Tennessee residents. You are entitled to receive no-cost information as a resident of Tennessee. IMPORTANT – Return this postage paid card within 5 days.
You or one of your senior parents may have received one of these post cards in the mail. It’s not a scam. It may have come from one of many outreach programs this site and many others like it use to reach senior citizens here in the great State of Tennessee that need state regulated final expense life insurance programs and burial plans.
Many seniors that receive these cards do not have a dedicated amount of money that can be used to pay for their funeral or final expenses. It’s possible they’ve recently checked into the pricing on what they currently have and want to see if they can find more benefits than what they currently have in place. Or they might want to leave behind a legacy like income for a surviving spouse, money for grandkids, or to a charitable organization or church.
1. First Day Coverage. You are fully protected the very first day your coverage goes into effect with no exclusions and no waiting period.
2. Ease of issue. No physical exams.
3. Your premiums will never go up. Lock into a rate at your current age and the cost will never increase regardless of changes to your health and age.
4. You benefits will never go down. Regardless of changes to your health and age.
5. All programs build cash values.
6. The benefit is paid to your beneficiary tax free on the worst week of their life.
7. Your policy can never be cancelled as long as premium payments are made.
8. This is a protected asset that you will never be forced to liquidate.
Seniors looking for state regulated final expense life insurance and burial plans often have medical impairments and conditions that may raise the cost of these benefits. There’s a lot of work to keep track of these medical impairments and conditions and knowing where the sweet spots are to find seniors the most death benefits for the amount of money spent.
When we sit down and look at the life insurance policies seniors have in place, most are shocked to find their payments go up and their coverage expires when they need it most. Many seniors are placed on modified plans with a 2 year waiting period before their family would be eligible to receive a full death benefit, even when their health clearly qualifies them for first day coverage.
As a general rule, any policy bought through the mail or sold directly to the consumer has gimmicks built inside the fine print. We review these policies with seniors and show them how they can increase the amount of death benefits for the same amount of money spent. In most cases this review results in finding an increase in death benefits.
Here’s a review of some common offers that we hear about as we visit seniors and go through the information companies send out.
We typically see mail-order life insurance products from:
Group whole and term life coverage plans for AARP members to help protect your loved ones.
AARP selected New York Life Insurance Company to develop a group life insurance program specifically designed to help AARP members protect their families. The program offers whole and term life insurance coverage that feature affordable premiums and valuable benefits designed for people age 50 and older. Coverage is available in a wide range of amounts—from $2,500 up to $100,000.
AARP members age 50-80 and their spouses age 45-80 are eligible to apply. No medical exam is required to qualify for coverage. For most products, acceptance is based on your health information. You can apply online or by mail in just minutes. And if you’re not already an AARP member, it’s easy to join and apply at the same time.
We find that many seniors have signed up for Life Insurance through the mail from AARP. There are a couple different types of plans. AARP sells for New York Life. This is the most popular mail order life insurance offer by far.
During a visit with seniors with this plan it’s good to review the policy and go through the contract. In some cases the owner of the policy thinks they own a whole-life policy, when the fine print describes something different. What they really have is a term life plan that raises their premium every 5 years. Their premiums increase when their age ends with a 0 or a 5. (when they turn 55, 60, 65, 70, etc.) The premiums will go up in the policy anniversary month not their birthday month. Some products offered by AARP ends when they reach their 80th birthday. In that case all the money they paid into the policy is lost.
If you have one of these policies where the price has gone up as you’ve reached one of these age bands, take a look at a modest final expense whole life policy that will provide permanent protection for your family with payments that never increase.
Globe Life sells an increasing premium term policy to age 90 directly to the public mainly through direct mail. The rates increase every time the insured has a birthday that ends with a 1 or a 6. In the case of a policy like this the coverage simply ends at age 90 with no cash value. All money paid into the policy is lost.
Smokers and non-smokers pay the same rates with this Globe plan.
It’s helpful to review the application and double check to make sure you medically qualify for 1st day coverage. Some policies like this do not accept individuals who were treated (including medicines) for any form of cancer, any disorder or disease of the heart or coronary artery disease, kidney disease, COPD, and some other described conditions going back 3-years from the application date. It’s helpful to review these applications to ensure you know the status of your coverage and when it ends.
Stonebridge Life offers Guaranteed Issue policies sold by mail and telemarketers directly to consumers. They are two year ROP (return of premium) regardless of health. That means some people who are healthy enough to qualify for whole life coverage might have been sold a two-year graded policy. Without a review by an Independent Life Insurance Agent a consumer might not understand this feature. A review of the policies in force might reveal a chance to put a permanent policy in place for the same or at a better rate.
As a general rule, any policy bought through the mail sold directly to the consumer is risky for the consumer. It always helps to have a second set of eyes to help understand what a policy contract says so one can fully understand what kind of coverage is being purchased. Nothing’s worse than someone owning a policy only to find out it’s not the coverage they thought they had. Unfortunately in this case it’s the family and loved ones that get to endure this bad news.
This site and many others throughout the 54 states and territories are in place to help seniors get the most death benefits for the dollar spent. If you have questions about your or your senior parent life insurance policy fill out the quote engine and let us help.
About the Author.
Terry Biddle helps seniors get the most death benefits for their money in Virginia and Washington DC.
You can find out more about how to qualify for simplified issue whole life insurance and articles for various health conditions at http://www.lifepolicyshopper.com/category/benefit-information-for-virginia-citizens-only/