Mortgage life insurance plans, also known as mortgage protection, is a life insurance product that pays off the insured’s mortgage should they pass away before payoff.
This is an important policy because, normally, the largest asset a person owns is their home. And with it comes a very large financial burden.
If someone in the household passes away, the mortgage becomes the responsibility of the joint owner or whomever the owner wants to leave it to in their will.
Hence, why mortgage life insurance plans are a fantastic investment. Also, it’s a great product for agents to carry because of its need and ease of cross-sell.
However, it still requires a solid presentation from an insurance agent to prove the value of a policy.
Selling Mortgage Life Insurance
Most mortgage protection products are non-medical term life insurance policies.
This means no medical exams are required for a prospect to get coverage.
Just an FYI for you insurance agents: this product is generally meant for quick underwriting. Which, in turn, gets you paid faster.
You can still get fully underwritten policies. This makes the premiums lower for healthy applicants. So, there’s options for everyone.
In most cases, these plans are term life insurance.
Sometimes, an older prospect with health issues who would benefit from a final expense plan.
The simplified issue whole life insurance plan pays a number of mortgage payments over time. This gives the surviving family member time to pay off the mortgage.
The only way to go with this insurance product is to buy fresh leads to supplement your prospecting system.
Mortgage protection sales is extremely competitive. After your prospect buys their house, you better believe their mailbox is gonna be STUFFED with mailers.
If they responded to any of those mailers, you want to be sure to be the first guy to get an appointment.
That’s why Secure Agent Leads utilizes social media leads — to make sure you receive that lead in real-time, not waiting around for the mailer to go through the post office.
According to Inside Sales, 50% of sales go to the first insurance agent to make contact. This is why we stress to be the first one in the door.
To request information on our mortgage protection leads, you can click here or give us a call at 833-402-4368.