Mortgage life insurance (sometimes also referred to as mortgage protection insurance) is an important product for many homeowners, but it has a reputation as a tricky sell. Mortgage life insurance sales are hampered by a lack of urgency-- no one thinks they will ever really need it, and many homeowners forgo mortgage insurance altogether, as it is not required by law. However, these policies can be very lucrative if an agent can find the leads he or she needs.
Target Your Efforts Carefully
More than most types of insurance, your efforts to sell mortgage life insurance must be targeted carefully. While this type of product can be very helpful for those in particular situations, many clients will find greater benefit in term life insurance. Finding clients that need this product specifically will not only help them, it will help you make sales and increase your conversion rate.
"People are pretty smart these days," said an agent from Texas. "They can use Google and figure out if what you're telling them is the whole truth. If you want to sell insurance, you've got to set up as a provider of financial planning solutions, not just an insurance salesman."
Find the Leads You Want
The best way to find the leads you need is by using pre-qualified, filtered leads from a reputable online lead provider. Look for a provider with a variety of useful filtering options such as demographics, geographical area, and lifestyle. Pre-qualified leads are also very important-- you want to find prospects with health problems that may make term life insurance expensive or impractical. For these prospects, mortgage insurance makes a lot of sense: there is generally no medical exam, and coverage is available to anyone who owns a home. Mortgage life insurance may be the only insurance product that will allow the insured's family to keep their home in the event of the policyholder's untimely death.
Without the use of pre-qualified leads, you could call hundreds of prospects without ever finding any who meet these criteria. Purchasing these leads from a reputable provider will save you countless hours of frustration, and ensure that your time is spent only on clients who benefit from and are likely to purchase your product.
"You can spend a hundred years cold-calling and mailing junk mail until you're blue in the face, and still never get the leads you need," said an agent from Texas. "These days it's all about targeting, all about stacking the deck in your favor when you go to sell."
Generating Your Own Leads
Some prospects may choose mortgage life insurance simply for the peace of mind it offers, the knowledge that if anything happened to them their family would not suffer the additional pain of a forced relocation. Unfortunately, no filter exists to find these potential buyers. An agent must rely on his old-fashioned people skills: networking, relationship building, and establishing himself or herself as an expert in all things insurance. Position yourself as an expert in your community, and make sure that when the day comes that a person in your life needs any type of insurance, they come to you first.
"I try to position myself not as a guy who cranks out policies right and left, but as a solutions manager," said an agent from Texas. "I use life insurance as a vital part of financial plans for people, and look at their complete picture to see where life insurance fits in."
Mortgage life insurance may be a niche market, but using the latest online tools and good old fashioned knowledge, expertise, and sensitivity to the needs of the buyer, you can find success selling these policies.
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