Mortgage protection sales can be very profitable.
The market place has changed and there are far less prospects from which to generate leads but it remains a simple selling system.
Selling these consumers are very simple once you reach those
interested in making sure their home is there for their family if
they die unexpectedly.
But times changed and the marketplace changed too.
The most significant change, of course, was in the number of home loans to middle income families.
Those families where most bread winners were blue collar workers and the typical housing price was around $150,000.
Since there were fewer loans, there were fewer prospects, but mortgage protection sales continues to make money.
Once there was more leads than agents to work them.
Then agents could not get leads.
This brought about the next most significant change in the industry.
The second most significant change to the mortgage protection sales market place was the number of agents actively marketing mortgage life products.
There are far fewer agents working mortgage protection sales today and fewer policies are sold, but the consumers need protection.
Those savvy agents who provide the protection those families need are raking in money.
The technique in the hay days of 2002 to 2007 was a "wham bam" slam dunk of the prospect and the vast majority of all closes were made on the first call.
Those consumers truly interested will likely buy on the first call today if the agent works the prospect correctly.
They typical product was a non-med term policy for exactly the amount of the mortgage.
There wasn't much effort devoted to mining the prospects for additional product sales down the road.
Most agents did not receive any renewal commissions, so what ever commission was made, was made on the initial call in most cases.
Most of these blue collar workers did not have their "own agent" and the banks or loan companies were barely, if at all, marketing anything other than the loan itself.
That part has not changed, if the right filters are put on the list of prospects.
There are middle income American buying homes and getting home loans every day.
Some middle income Americans are re-financing existing home mortgages every day.
One exciting and positive change today is that there are far, far less competitors out there.
Don't get me wrong, there are still tons of agents out there, but very few are actively marketing the product.
You may have to broaden your geographic boundaries, but there is gold in mortgage protection sales.
Most people in America don't have any, or enough, life insurance.
Signing a home mortgage is one of those few life events that triggers the thought of needing life insurance protection in the event of an unexpected death.
Target mortgages under $250,000 and your lead costs will remain in a profitable range.
Spend a little more time with each prospect and do a little financial fact finding.
Look for opportunities beyond a simple term life policy.
The average 401K will be around $50,000 and if all you do is ask all your mortgage life prospects how their retirement account is doing, you'll get some prospects and sell some fixed annuities.
The commissions on fixed annuities will vary but even the lowest is going to be 4% or more.
4% of $50,00 is $2,000 commission from the annuity sale and it's a very safe bet that it would take at least 3 average term life policies to generate that much premium.
There are not many charge backs on annuities either.
Supplemental insurance sales are another possibility to either make some kind of insurance sale with as many prospects as possible.
Products like cancer, disability or critical illness insurance are key options in that arena.
Bottom line, the mortgage protection sales market can and should be part of an agent's marketing plan.
Jul 08, 16 02:49 PM
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Jul 08, 16 02:47 PM
Our life insurance leads deliver sales and increase agent commissions because every lead is an interested prospect.
Jul 08, 16 02:45 PM
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