Mortgage Protection
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It's a marketing gimmick. A good one, but still a gimmick. It's life insurance no matter how you look at it and you can buy term or whole life to "protect the mortgage."
In my day (back in the stone age) we sold a 15 year or 30 year decreasing term that followed the amortization of a mortgage based on what the mortgage interest rate was. The customer paid a level premium for 15 or 30 years. It was an easy sale. I don't know if that's still available these days.
In my day (back in the stone age) we sold a 15 year or 30 year decreasing term that followed the amortization of a mortgage based on what the mortgage interest rate was. The customer paid a level premium for 15 or 30 years. It was an easy sale. I don't know if that's still available these days.
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If you do a complete fact-find for "mortgage protection" and help people solve for THREE needs, you can do very well:
1) Die too soon
2) Die a little (disability)
3) Live too long
The first two are more obvious. The third one... what if we can help you use your policy to pay off your home 5-7 years sooner, so you don't have that debt in retirement?
This takes more work to do with the prospect. And this won't be a one-call close sale. But you can increase your case size from $600 premiums to over $3,000 premiums... simply by doing a more comprehensive job and asking more questions.
Reach out to the Insurance Pro Shop and you can use their Mortgage Insurance Tool Kit to help you learn how to do that.
How To Sell Insurance Successfully In 2020
They also have some great online video training at their members only site here. You can try it out for $1 for 30 days, then it's $29.95/month:
30 Day Trial... To Improve Your Insurance Sales!
1) Die too soon
2) Die a little (disability)
3) Live too long
The first two are more obvious. The third one... what if we can help you use your policy to pay off your home 5-7 years sooner, so you don't have that debt in retirement?
This takes more work to do with the prospect. And this won't be a one-call close sale. But you can increase your case size from $600 premiums to over $3,000 premiums... simply by doing a more comprehensive job and asking more questions.
Reach out to the Insurance Pro Shop and you can use their Mortgage Insurance Tool Kit to help you learn how to do that.
How To Sell Insurance Successfully In 2020
They also have some great online video training at their members only site here. You can try it out for $1 for 30 days, then it's $29.95/month:
30 Day Trial... To Improve Your Insurance Sales!
- 4,576
Not really available these days. Maybe 1 or 2 mediocre carriers offer 50k or less, but decreasing term went away when level term was cheaper & stayed level entire duration.
Benspe
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I suppose you have one?
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Is there a market for that anymore?
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No. If you find one it will be low face high cost that will cost more than a larger policy with level premiums from a better carrier.
BTW-----decreasing need is also a a false plan these days. While possible, in real life most Americans don't have less debt or a declining loan in 15 or 20 years. In real life, most people restart their loan about every 5 years for a new 30yr mortgage or 7 yr car loan as they upgrade to bigger house or better neighborhood or nicer car.
Just look at your personal lines PC clients & the Dec sheets changing adding new mortgage or new house at age 50 or 60 with new 30 yr loan.
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- 2,195
Interesting perspective and I do not disagree as it pertains to the typical American.
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