Insurance agents have seen all the stats regarding life insurance falling out of favor in recent years.
So, the question then becomes — How can mortgage protection insurance keep up?
Mortgage Protection Statistics
Here are some stats for you to keep in mind when consulting with your mortgage protection leads:
- Over half of the population has an average gap in life insurance coverage of $200,000
- The average mortgage debt is over $170,000
- 70% of life insurance policyholders agree they need more coverage
- 40% of households admit they would begin to be negatively impacted financially by the loss of their primary wage earner in six months or less
Large Market for Insurance
With harrowing information such as this, insurance agents should be chomping at the bit to start preaching the need for mortgage protection insurance to their clients.
However, in many cases, insurance agents have failed to build a relationship with their client. Over 80% of policyholders say as much. Couple that with the earlier statistic saying they admit they need more coverage and it displays one of the biggest problems of all: Insurance agents are getting lazy!
Your mortgage protection leads are just sitting out there waiting for you to help them and there are even more on the way. Over 96% of Generation Z said in a poll a couple years ago that they wanted to own a home and the first group of them turned 18 in 2017. Beyond Generation Z, 45% of households have stated they plan to buy a home in the next year and the median sales price in 2016 was over $304,000.
Benefits of Cross-Selling
There are real-world problems here and if you sell mortgage protection insurance, you are part of the solution! There is also huge potential in cross selling with mortgage protection insurance. Cross selling starts with understanding the client’s needs which is why we stress the importance of listening and asking questions!
Say, you’re in the middle of closing your mortgage protection lead. Ask some fact-finding questions such as “Do you have any long-term care plans?” or “Do you have a plan covering your burial expenses?” or any other number of questions that let you know whether they have coverage in any area that you sell.
Then, focus on closing them on MPI to set yourself up for success in your next meeting with them (continuing to build your relationship!). With the information you acquired from your mortgage protection leads, you can easily transition to conversations about your other products at another time.
As you can see, if you work hard and play the cross selling game, MPI is another lucrative but rewarding career for insurance agents.
If you need Mortgage Protection Insurance leads, Secure Agent Leads provides them instantly upon submission and can start getting them to you in 48-72 hours tailored to your specific targeting needs.