How To Sell Mortgage Protection Insurance? 5 Best Tips!

It’s good that you stopped by in this post because we will be teaching you how to sell mortgage protection insurance. When you buy a new house, you quickly realize that it can take you into a tremendous liability. This would be disastrous if your family cannot pay anymore after you died.

The good thing is that you can get mortgage protection insurance to have your mortgage covered.

how to sell mortgage protection insurance

This post will show the selling process of mortgage protection insurance. But before that, let us know what mortgage protection insurance is? When we say mortgage protection insurance, it is a type of life insurance plan specifically designed to pay for the mortgage of the insured person when he dies.

According to studies, a home mortgage is among the most important obligations carried out by each household. In most cases, the mortgage requires coverage since it is a huge financial obligation.


Tips To Sell Mortgage Protection Insurance

Let us discuss the truth behind selling mortgage protection insurance, starting with the different factors. Ensure to keep in mind the tips mentioned in each factor when making a sale. Here are the best tips on how to sell mortgage protection insurance:


#1. Multi-level marketing

The sales market is heavily influenced by multi-level marketing. It is typically hard to raise your commission to its maximum levels because more than 10 people would cut the production.

With that being said, it is best to avoid those multi-level marketers. It is also important to use the best lead system. This is the one that used exclusive and fresh mail leads.

When we say a fresh lead, you will get a response within a few days after receiving the leads. When we say an exclusive lead, the lead company won’t be reselling your leads. This is because the market of mortgage protection insurance is said to be very competitive. Therefore, it is most likely that your prospect will also be receiving emails once from others once they close their house.

For instance, if you recently close your home, you may receive four different solicitations for mortgage protection in just a week. The prospect may send back to all mailers, so you want to be the first in line.


#2. Exclusive mortgage protection leads

Ensure that the protection lead is exclusive. That is because a multi-marketing agency may resell the leads. For instance, once they generate a fresh lead, they will sell it again after 30 days at a lower rate. The reselling can take place several times.

For agents who are new in selling mortgage protection insurance, the leads tend to be ages already at about 6 up to 12 months, which can be problematic. Here’s why! Suppose you are the prospect who is now talking to the third or fourth person about your mortgage protection via phone call; for sure, you will be irritated. What more if the agent who works with the lead is new and inexperienced. That would smell like a disaster, right.

You may be able to close both mortgage protection leans; they may be new or old. But there is no doubt that you will be experiencing more difficulty with an old and working one. As such, it is best to work with fresh leads that no agent has used before and those that cannot be resold so that your success rate will be higher.


#3. In-person training

This is vital for sales agents who are new to selling mortgage protection. Most clients would prefer an experienced agent who can show them how to sell their mortgage protection insurance. The process of learning how to sell is usually experimental. Therefore, it can vary across every individual.

You should make the client like and trust you. In making a sale, you should verify qualifications by asking a question and then make an offer. It would help persuade them why it is wise to do business with you as you do this business. When you are new, it is important to have someone who will support and coach you.


#4. Availability of direct help when needed

As the agent assigned, it is your job to succeed in selling the mortgage protection insurance. Therefore, you should be the one setting appointments as well as studying presentations. But more importantly, you have to execute. But take note that not everything will go as planned.

Issues may arise so that you may need help in such a case. For instance, you will need advice to underwrite a difficult case. You may also encounter an issue relating to sales in which you will need a piece of advice. Any of those cases require an experienced pro who can answer your questions.


#5. Upside commission potential

You have to ensure that the agency is allowing for a maximum upside commission potential. The agency should focus on the agents’ development in making a sale rather than on recruiting.


It’s A Wrap!

By keeping in mind the five important factors on how to sell mortgage protection insurance, you can surely make a successful sale. Well, you’ve already known these factors; all of these are discussed above. However, it takes a little effort and a little bit of love to sell your insurance policy!

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