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Today we are going to be talking about four steps that will help you close more life insurance applications in the mortgage protection market. You may find that these steps will also translate into more sales in other markets as well.

I am going to make a couple of assumptions, one is that you have quality leads to work and two, you’ve already set the appointment are ready to speak to your prospect. You also understand that mortgage protection is a one-call close.

    1. You’re a working “Joe/Jane” assigned to their case.

This is the first step in the process and in my opinion a very important “attitude” to take. Remember the old adage “people hate to be sold, but love to buy.” In the mortgage protection market, you are the field underwriter not a sales person looking to sell them life insurance.

The most successful posture is casual in dress and confident in your ability. Prospects will smell “salesperson” the moment to step to the door based on your attire. They can smell “no confidence” the second you start talking.

When I say casual in dress it means not a suite and tie, but rather casual slacks and shirt. That could be a polo shirt or button-down oxford both cleaned and pressed. Look at yourself in the mirror before you leave to run your appointments. Most times the “Dad Bod” doesn’t look so great in a polo shirt.

Depending on the weather wearing slip on shoes that can easily be removed is a must. Showing respect for someone’s home goes a long way in first impressions. Make sure both your breath and clothes are fresh. If you smoke roll the windows down in your car for 5-10 minutes before arriving. If you know your car leaks oil, park in the street.

Confidence as a first impression comes with your physical posture (back straight head held high), your hand shake (firm, not over-the-top or mushy), and looking someone in the eye when you introduce yourself. If we take a step back examining what we’ve just talked about, we’ve set the stage for a great first impression. Remember, this market as well as any other market you work as an agent the first impression you make on a prospect will make or break a sale before its even had a chance to begin.

When seating down at the table and you’re ready to begin your presentation, the very first thing I say to a prospect is ”…I am the field underwriter assigned to your case and today we are going to find out which program we qualify for to either pay down or pay off your mortgage in the event something catastrophic happens.” “I’ll confirm the information I have as well ask you some addition questions and we’ll take it from there. Does that sound okay to you?”

That statement sets the tone. I’ve just told the prospect exactly what we are going to do. The question, which almost always is answered “yes” is test close number one. Some people will say “that’s fine we’re just looking for quotes” or “that’s fine I just want to know what it’s going to cost.”

If the answer was yes, we’ll move to the next part of the presentation. If you get any push back or objections like the last two responses mentioned, always acknowledge their response; “…great that’s exactly what we’re going to find out.”

The next part of your presentation is about being honest about the product in the program. While some agents refuse to use the term “Life Insurance” I am of the school it’s fine to say the programs are funded through a life insurance policy, albeit, the statement needs to be framed correctly. To see exactly how to do that visit these two articles for an in-depth look at presentations, The Purpose of a Great Presentation part one and part two.

  1. Be Prepared to Pivot

This is step has saved me many a sale in mortgage protection. Once you’ve explained what is going to happen the first piece of information is to confirm is the mortgage amount. The very next question is, what is the monthly mortgage amount including escrow (property taxes and home owner’s insurance).  

That last question is one of the most vital parts of successful outcome. From there, the next course of the presentation is the honesty and education part. From here you should be gathering some basic health information asking in-depth questions on any issues along with any medications they are taking finding out exactly the - what for, why, and dosage of each and every medication. As a quick note, ask specifically if they use any inhalers. For some reason people forget these too are prescriptions.

The outcome of that stage in your presentation is going to determine the type of program you are going to present; either paying off the mortgage or paying down the mortgage. The later will be based the monthly mortgage amount you found out earlier. You’ll present 1yr, 2yr, and/or 3yr payment protection.

  1. Paint the Right Picture

Whether you are presenting programs to either pay off their mortgage or protect their mortgage payments you need to paint the right picture. The goal of this step is to tell a great story. A story that your prospect can visualize themselves in the situation where they are gone, their income is gone and their surviving family is left behind. Left behind to grieve, handle the financial impact, and make the decisions of what to do next without your support.

Accomplish this goal moves your prospect for being sold to needing to buy. It’s where your prospect becomes your client. If you don’t have a story, borrow someone else’s. As you gain experience both personally and professionally you’ll be able to develop your own stories.

  1. How to ask for referrals

If everything went well in selling mortgage protection life insurance, you have a new client. It’s also the time to ask for a referral…not a list of people. The most effective approach is to ask for one name. “…Joe/Jane it was great meeting with today and as a field underwriter I realize that not everyone was lucky enough to receive the same card as you did so I wanted to give you the opportunity to pass along these same programs to someone you think may benefit from this.” If you get a name then the next question is “…who is the second person…” and so on.

To wrap-up, these four steps represent a platform where you are the field underwriting helping people protect their most valuable asset, their family. No matter the program your client qualifies for, its job begins when someone passes away prematurely, giving options for those we leave behind. It allows their families to grieve without the worry of money and how are they going to live know that a bread winner is gone.

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