One the most frustrating aspects for insurance agents moving from Final Expense products to Mortgage Protection products is understanding the underwriting. All of a sudden your cases are being inundated with questionnaires, table rated, or worse declined. In fact this frustration has led many agents to leave the industry altogether as they are battling chargebacks from final expense and declines from mortgage protection.
More and more insurance carriers are offering Living Benefits built in to their products where an insured can accelerate a portion of their life insurance benefit. Some carriers make it part of their term products while others its part of their whole life portfolio. While working the mortgage protection market these features can be a great selling tool for most any age group.
Almost everyone 30 years and older has either personally experienced or is close to someone who has experienced a family member going through a chronic or critical illness. Understanding exactly what is defined by each will help you close the sale by driving the need.
There are three tragedies everyone needs to think about: disability, illness and death. Any or all could strike at any time with death being unavoidable. The best option to prevent inevitable hard times is to prepare early so they are not as tough as they could be.
This is where selling Mortgage Protection life insurance proves itself as a valuable solution. By covering a family's most valuable possession, it can bring peace of mind. Policy owners or beneficiaries can receive lump sum benefits or monthly payments that protect against the financial devastation that the unexpected loss of income will bring.
Since the mortgage bubble of 2008 the Mortgage Protection market has been steady increasing providing a great opportunity for life insurance agents looking to either get back into the market or start selling in this market.
There are two schools of thought when considering working leads in this market. The first is working leads with data on current mortgages, meaning those mortgages closed in the past week or data on those mortgages closed six to twelve months ago (aged data). Choosing which one is best for you is another matter.
