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.
Either lead data type produces decent returns in both direct mail or Facebook internet exclusive leads. The difference between the two is going to be in the objections you’ll come across and the amount of competition. When it comes to competition, remember as a life insurance producer, we’re all vying for the same data list regardless of the market. The quality of the lead piece and your salesmanship will bring you to the top of the list for returns and closed sales.
The objection often experienced in working current mortgages is the number of agents who have reached out to the same prospect. You could easily be siting with a potential client who has received several letters and phone calls delivering the same message – “…protect your mortgage in the event a bread winner has passed away.”
If you are an independent life agent working with a quality MGA, such as Legacy, then you should have access to several different carriers and their products. This is very important as one of the best ways to address this objection is by incorporating the following statement in your presentation, “…one of the most important parts of my job is to provide you the coverage you’re looking for with the insurance policy I know you’ll qualify for at the best price. I represent over two dozen different companies so we’ll do all the shopping while I’m right here…”
Another difference in these two types of data is the shelf life on the lead. When working current mortgages, the faster you reach out the prospect the better. If you are working Internet leads that are delivered via email it’s best to call as soon as you get the notice. For direct mail leads on current mortgages the same applies; as soon as you receive the lead call the prospect.
When you are working aged data, you have a few weeks of a shelf life on the direct mail lead. However, the longer you hold on to the lead the more difficult it will be to set an appointment. After two months you might as well plan on door-knocking your leads.
Which brings us to the next facet of working Mortgage Protection leads…setting the appointment. The single most important thing to remember about appointment setting off leads is that the only goal of the lead is to get an appointment. It will not nor should it sell the program; that is the job for the presentation.
Personally, I like face-to-face presentations verses over-the-phone sales. I also take the perspective of a third-party appointment setter when scheduling my leads. This helps with deflecting objections which are better addressed during the presentation. I find that I can develop a stronger level of trust between myself and the prospect face-to-face then I can over the phone.
Developing a strong level of trust not only helps overcome objections that will be raised, but also goes a long way in building your persistency. The last thing any agent wants is to be replaced thereby incurring a chargeback. A weak close resulting from little time spent on building trust will do just that.
At the end of the day there are different options agents can choose working mortgage protection leads. The best option for you depends on your ability to overcome objections, how quickly you can touch base with your lead prospects, the MGA you’ve chosen to partner with, and your level of salesmanship. Success is borne from your work ethic and consistency.
Consistency in delivering your message and having people to see. Working mortgage protection leads or any lead program for that matter, you need to see people week-in and week-out. Activity plus hard work equals financial success.
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