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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.

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.

One the most important components in the sales process for life insurance agents is their presentation. From the moment you pull in the driveway you are on stage. Every movement, your body language, eye contact and the words you use will either have you closing or not.

A great mortgage protection presentation should not only provide a means for making a sale but should also educate your client as well as address objections before they’re asked.

The mortgage protection market has seen a surge in popularity in recent years, but this has come with some challenges. One of the most significant challenges faced by agents is generating fresh direct mail leads. The returns on direct mail have decreased by more than 0.5% per thousand in the last five years, meaning that agents are getting fewer leads for the same marketing spend.

Additionally, the cost per thousand has increased due to the rising cost of postage, and lead houses are taking advantage of the demand, driving up the cost per lead. As a result, agents are under pressure to deliver a perfect presentation to maximize their marketing dollars and close more leads.

To succeed in this challenging market, agents need to focus on their marketing budget, making every lead count, and delivering a perfect presentation that includes a compelling story. The marketing budget should be around 25% of their income, up from the previous recommendation of 15%. With fewer leads to work with, agents must make every presentation count, and every close must be solid. The presentation can be broken down into four segments: developing trust, the pitch, field underwriting, and close. Perfecting these four components is critical to closing more leads.

The pitch is a vital step in the sales process. It is where the agent educates the client and guides them in seeing themselves in the moment when their family is left without them. Assuming the pitch is perfect, the agent moves on to field underwriting. However, they may find that the client will not qualify for a term product to pay off their mortgage. This will happen at least 20% to 30% of the time. How an agent sets themselves up from the beginning will determine their success in closing the deal for protecting mortgage payments.

If an agent's statement to the client is, "...we're not going to qualify to pay off your mortgage, but we do have something else we can do..." then they are done. Anything else they say goes unheard or is heard half-heartedly. One of two things will happen; they were able to push the sale, and the client is sold, or they'll get "...I'll have to think about this."

The most important piece of information needed to pivot to protecting mortgage payments is the client's monthly mortgage bill, including escrow. Asking this question at the beginning when confirming their mortgage amount is critical. It means that when the agent presents the "program" the client qualifies for, they do not need to tell them "you won't qualify to pay off the mortgage."

Just like in the initial pitch, the agent needs to have a compelling story on why covering mortgage payments is just as important. It is the stories they tell that will garner more solid closes where the client buys, maximizing their marketing dollar and making every lead count.

Agents must focus on building trust with clients from the outset. This involves listening carefully to their concerns and addressing them in a way that resonates with them. The pitch should focus on the importance of protecting the family's financial future in the event of an unexpected death or disability. The agent should use real-life examples to illustrate the potential consequences of not having adequate protection.

Field underwriting is another critical component of the presentation. The agent needs to gather information about the client's health, lifestyle, and occupation to determine if they qualify for the coverage they are seeking. If they do not qualify for a term product to pay off their mortgage, the agent must be ready to pivot to protecting mortgage payments without losing the client's interest.

Just like in your initial pitch, you told a story to see themselves no longer being a part of the family unit, you need to have a compelling story on why covering mortgage payments is just as important. It’s the stories you tell that will garner more solid closes where the client buys, maximizing your marketing dollar making every lead count.

In conclusion, the mortgage protection market presents significant challenges for agents seeking to generate fresh leads and close more deals. However, by focusing on their marketing budget, making every lead count, and delivering a perfect presentation that includes a compelling story, agents can succeed in this challenging market. Building trust with clients, perfect.