- 11,280
Yeah but we clearly knew who he was referring to since he used a fake license number...
Mortgage Protection Vs Final Expense
- Thread starter RobertD
- Start date
Yeah but we clearly knew who he was referring to since he used a fake license number...
StevenHazel
New Member
- 13
I'd like to resurrect this thread in attempts to get a clear answer on the initial question, as I am currently deciding whether to sell FE or MP.
Can someone provide insight into which program is more SELLABLE, on a strictly closing basis? Are the AP's similar?
I've heard that it's difficult to schedule multiple MP appointments in one day, but FE is easier to schedule due to the retired prospects. Can someone with experience confirm that this is the case? Or are the numbers inflated?
It also seems that the product most likely to be a "one stop" sale will be the easiest to sell. Is MP a deal that can usually be closed in one appointment or does it often involve several discussions?
Of the 2 IMO's I am considering, one specializes in FE and one in MP. All other things being similar, I feel that choosing the product that will sell the fastest will translate into better income.
Thank you guys (and girls) for the help!
Can someone provide insight into which program is more SELLABLE, on a strictly closing basis? Are the AP's similar?
I've heard that it's difficult to schedule multiple MP appointments in one day, but FE is easier to schedule due to the retired prospects. Can someone with experience confirm that this is the case? Or are the numbers inflated?
It also seems that the product most likely to be a "one stop" sale will be the easiest to sell. Is MP a deal that can usually be closed in one appointment or does it often involve several discussions?
Of the 2 IMO's I am considering, one specializes in FE and one in MP. All other things being similar, I feel that choosing the product that will sell the fastest will translate into better income.
Thank you guys (and girls) for the help!
- 16,884
MP = meeting with people who are actively working. So that mean she will meet with them on nights and weekends very often.
FE = meeting with people who are retired or on disability. So that means you will most often meet with them on weekdays during daytime hours.
Both are one appointment closes and both are lead driven sales. FE is much easier to get leads. FE is going to accept more health conditions but MP is usually dealing with younger healthier people to start with.
- 1,900
Hi Steven,
Some of this will come down to a personal preference. I know some agents who like FE more and some who like MP more. It's two very different markets so you have to figure out which works better for you. Here are a few highlights from both (I have personally worked both of these fields):
Mortgage Protection
- Working class folks, age range 25 - 75 (avg. age on a direct mail piece will be 55).
- Looking for coverage to pay off their house in the event of a death or disability (this usually results in the sale of a term life policy).
- Because most of these folks are still working, you will have to meet with them on nights and weekends.
- Average life sale is in the neighborhood of 1200AP (obviously this will vary)
Final Expense
- Retired/Disabled folks age range 50 - 80
- Assistance in paying for their funerals (this usually results in the sale of a simplified issue whole life policy)
- Should be able to meet with most of these folks during the day
- average life sale 600AP (again this will vary)
Some agents successfully work both markets but most likely you will lean towards one.
^^^ what those guys said
I worked BOTH MP & FE markets for several years each.
I did mortgage protection for many years and did well. One day our mortgage protection organization introduced final expense leads to us. I couldn't believe how easy my first sale was and I got an instant decision and was paid a few days later. From that day forward I was hooked & it has been full focus on final expense.
MP people work. So it's harder to set appointments and harder for them to keep appointments. When I left mortgage protection I no longer had to work late nights every day and I did not have to work weekends anymore. Mortgage protection around here was getting ultra competitive and I would sometimes be the 3rd or 4th agent to go to a particular house. Sometimes I would be inside pitching while another agent was waiting for me to finish up with the client so he could do his pitch and vice versa.
Mortgage protection underwriting is gonna be more strict. MP could be frustrating because cases would have to go through for underwriting which could take months only to get a decline. With Final expense you get the answer in the house on the initial meeting.
Final expense AP is typically going to be smaller than mortgage protection AP, however you can make up for that with sheer volume. You will be able to work more appointments per day in the final expense market.
At the end of the day I feel I have a better quality of family life working the final expense market.
Make sure if you decide to go the final expense route that the Independent Marketing Organization that you go to actually specializes in final expense and has the proper carriers in place. I see a lot of organizations that say they specialize in final expense have worthless carriers which can doom you from the beginning.
If you have any more detailed questions feel free to call me at 281-536-4220
StevenHazel
New Member
- 13
Matt, I checked out your site and sent an information request. Thank you for the helpful answer.
- 1,410
MP has a lot more potential if you know what you're doing. Most agents don't and leave a lot of money on the table. I'll give you a hint, it requires you to up sell and cross sell. 
What I love about MP the most is the lack of experienced agents in the game. All the NA agents think, "just sell full mortgage non ROP as first option then full mortgage ROP as 2nd option. It's easy!!"
Many clients think MP is extremely over priced because agents don't know how to be creative. Makes some easy business for me. I've had so many clients get all confrontational when we get to numbers but then when they realize I'm not trying to sell them a overpriced policy, they buy.
What I love about MP the most is the lack of experienced agents in the game. All the NA agents think, "just sell full mortgage non ROP as first option then full mortgage ROP as 2nd option. It's easy!!"
Many clients think MP is extremely over priced because agents don't know how to be creative. Makes some easy business for me. I've had so many clients get all confrontational when we get to numbers but then when they realize I'm not trying to sell them a overpriced policy, they buy.
StevenHazel
New Member
- 13
MP has a lot more potential if you know what you're doing. Most agents don't and leave a lot of money on the table. I'll give you a hint, it requires you to up sell and cross sell.
What I love about MP the most is the lack of experienced agents in the game. All the NA agents think, "just sell full mortgage non ROP as first option then full mortgage ROP as 2nd option. It's easy!!"
Many clients think MP is extremely over priced because agents don't know how to be creative. Makes some easy business for me. I've had so many clients get all confrontational when we get to numbers but then when they realize I'm not trying to sell them a overpriced policy, they buy.
Thanks for the reply. What IMO are you with, if you don't mind me asking? And how many different carriers and types of insurance are in your repertoire in order to have the ability to be creative?
- 1,900
MP has a lot more potential if you know what you're doing. Most agents don't and leave a lot of money on the table. I'll give you a hint, it requires you to up sell and cross sell.
I completely agree ^ There are a lot of incompetent agents out there, especially in the MP game. I walked into several houses where $$$ was left on the table. Agents not offering FE policies to those who couldn't health qualify for term ...
The problem though is MP is usually about who gets there FIRST, not which agent has the best offering. ... And getting in the door FIRST is a very competitive game from what I have experienced.
