Selling mortgage protection insurance is a great opportunity to make a substantial income. However, it takes a solid plan and hard work to turn mortgage protection life insurance leads into quality sales appointments.
The best mortgage protection sales agents are knowledgeable, friendly and persistent. But what is it exactly that makes a good mortgage protection agent?
1. Know Your Product
Mortgage protection insurance is a form of life insurance that pays off your mortgage balance in the event of your death. It is a great product for those who carry large debts and want to be sure their family doesn’t have to deal with overwhelming debt when they pass away.
It is important to have an experienced agent show you the mortgage protection sales process face-to-face. In-person training is essential because it helps you build rapport and trust with your clients. Prospects can smell “salesperson” from a mile away, so be casual in your attire and confident in your abilities.
Beware of multi-level marketing mortgage protection agencies that sell you leads and then resell them to other agents. This is how they can keep their commission levels so high. A successful independent agency should have access to multiple mortgage protection insurance carriers so that you can get your prospects the best coverage for their specific needs.
2. Know Your Audience
Mortgage protection insurance (MPI) is life insurance that aims to pay off the homeowner’s remaining mortgage balance in the event of his or her death. It is typically offered to people who cannot qualify for traditional life insurance or whose premiums are prohibitively expensive.
A great MPI agent is a master storyteller who can help their clients visualize the importance of obtaining this policy. This will make it much easier for them to come around to the idea if they initially resist it.
In addition, a successful mortgage protection agency will provide new agents with in-person training. They will have an experienced mortgage protection agent demonstrate the sales process and teach you how to effectively close prospects.
Moreover, a good mortgage protection agency will allow you to work multiple mortgage protection life insurance carriers. This gives you more options when it comes to pricing and underwriting. This is a major factor that separates it from many multi-level marketing mortgage protection agencies that start new agents with LOW commission levels.
3. Be Honest
Mortgage protection insurance helps surviving family members pay off their mortgage balance in the event of a death, disability, or unemployment. Many of your clients may believe they already have this type of protection through their lender, so it’s important to educate them on the differences between PMI and MPI.
It’s also important to be honest with your prospects. Especially if you are a new agent working old mortgage protection leads. Many national agencies resell their leads and it’s much more difficult for an inexperienced agent to close a sale on worked mortgage protection insurance leads.
A good mentor will help you find fresh mortgage protection insurance leads and set a sales schedule that is realistic for your experience level. A full-time mortgage protection insurance agent typically sets 3 to 5 appointments per day and runs them well into the evening.
This allows them to meet their activity and production goals each week. Then they can focus on recruiting, coaching, and mentoring their team to success.
4. Be Persistent
Mortgage protection insurance is a product that most people need, especially new homeowners. It’s also a product that can generate a six-figure income for agents who master the art of sales and prospecting.
It’s important for an agent to be persistent with mortgage protection leads. Most people will have questions or objections during the sales process, but an experienced agent will be able to overcome these obstacles with confidence. This is why it’s crucial for an agent to prepare for common objections ahead of time and practice the script on their own.
Another key ingredient to success with mortgage protection insurance is being able to close the sale on the first call. This is a challenge for many agents, especially newer independent life insurance agents who are working old, worked mortgage protection leads.
These leads are more difficult to convert than fresh, new mortgage protection life insurance leads. This is why it’s so important for a new independent life insurance agent to work fresh mortgage protection leads that have never been sold before.