New Life Agent Here. Should I Sell Mortgage Protection or Final Expense?

[rousemark]

Both, if it is applicable to your client.

Complete a financial review with every appointment you go to creating a bigger picture of who they are, what their finances may be, which in turn will determine insurance needs. Both are great products.

You don't work the FE market do you?

 

[JohnnyRain]

Since no one on here has any personal knowledge about you, it really is not possible to answer your question. The two markets are radically different in what they require of an agent. Not every agent has the personality type of the patience required to deal with the FE market. Not every agent will want to work the hours (schedule) that will be required to succeed in the MP market. Both have their drawbacks.. In the FE market, you have cat pee and in the MP market you have undisciplined kids.

Best advice is to try both and decide which you like best.. not necessarily the one that pays the most but the one that you get up every morning thinking I can't wait to get to work. Or, at least share your likes and dislikes with some of the forum members and then maybe they can give you better advice.

I appreciate everyone's help. What I would like to start is a simple product line to sell. Not necessarily easy but simple. Something that I can wrap my brain around relatively quick so as to give me a faster start. I don't mind dial time. My fingers aren't broke therefore I shouldn't have a problem of dialing a hundred numbers if that's what I need to do. I can handle cat pee. I would hate it if people didn't call to cancel but instead didn't answer the door or have left.
That's pretty much it.

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Both, if it is applicable to your client.

Complete a financial review with every appointment you go to creating a bigger picture of who they are, what their finances may be, which in turn will determine insurance needs. Both are great products.

That's an excellent idea. I also want to take on annuities. Now I just need to learn how to do a financial review.

 

[Rearden]

Diffusion is the enemy of productivity.

 

[goillini52]

I appreciate everyone's help. What I would like to start is a simple product line to sell. Not necessarily easy but simple. Something that I can wrap my brain around relatively quick so as to give me a faster start. I don't mind dial time. My fingers aren't broke therefore I shouldn't have a problem of dialing a hundred numbers if that's what I need to do. I can handle cat pee. I would hate it if people didn't call to cancel but instead didn't answer the door or have left.
That's pretty much it.

You're not supposed to handle cat pee.....you're supposed to sit in it.

 

[Iwillpay]

Both, if it is applicable to your client.

Complete a financial review with every appointment you go to creating a bigger picture of who they are, what their finances may be, which in turn will determine insurance needs. Both are great products.

You have completely wrong bro.

 

[Agentguy5]

I recently got my license in MN. I had planned on selling mortgage protection however I feel that the leads for final expense would be more solid. With the first, there could be a lot of issues as far as the prospect not even caring about life insurance. With FE, if someone is a lead, they would seem to have become that way on a more serious level than someone that simply just bought a home or got married. Thanks guys.

I sold MP for years and now ONLY sell FE

FE is an easier market to sell and close

FE underwriting is a lot easier to Learn

FE leads are a lot easier to get

I average around $30,000 in AP a month selling FE. If I can do it, anyone can do it. Let me know when you're ready to start your training!

 

[AlTheGud1sRtakn]

I sold MP for years and now ONLY sell FE

FE is an easier market to sell and close

I really think it depends a lot on your market. FE in my area I get stood up 50-70% of the time depending on the lead source (literally. I don't understand how that's even possible but it's very frustrating). Out of that almost everyone I sit down with has NO recollection of talking to me, setting the appointment, why would they want life insurance, etc. MP has been a good bit better to me. I'm on the east coast, I hear the midwest is very different.

FE underwriting is a lot easier to Learn

FE leads are a lot easier to get

These points are undeniably true even in my area. Another nice thing about FE is that people can generally meet you during the day. MP everyone wants to meet at night, often after 8PM and by then they're pretty burnt out from work and don't want to think about insurance or finances.

My favorite market is med sups for people who are already retired. If they need life at that point it's going to be FE and the underwriting is easy but it's not your typical FE client (they're generally much better off in terms of health and money) and you can occasionally find some financial planning type business as well. They also generally have grandkids so having a good children's whole life product is handy (again, easy underwriting). Since they're already retired they can also meet during the day but it's because they made good decisions in life, not because they get their money from the government.

 

[Glen Shelton]

Sell Both markets. FE in daytime and mortgage early evening.See which one works the best.of course my mortgage leads are the best.

Enough is Enough, for $440 I will get 20 or so Leads that I only need 1 sale to make money at 120-130 percent commission and don't have to answer to anyone.or hire a bunch of agents who Will leave a debt balance and mess with Vectors.

Hmm.... Anybody else see anything funny here?

 

[Agentguy5]

I really think it depends a lot on your market. FE in my area I get stood up 50-70% of the time depending on the lead source (literally. I don't understand how that's even possible but it's very frustrating). Out of that almost everyone I sit down with has NO recollection of talking to me, setting the appointment, why would they want life insurance, etc. MP has been a good bit better to me. I'm on the east coast, I hear the midwest is very different.

When selling MP, it makes sense to work in the city.

When targeting the FE market, it makes sense to work more rural areas.

It's not just about selling the right product but more about selling the right product in the right area and targeting the right demographics.

The most I ever wrote selling MP was maybe $15,000 in AP

Last year I had 2 months of FE sales, that I wrote over $40,000 in AP

 

[WMG]

Let me preface my comments by saying I am not in the FE marketplace. Never was, never considered it, never looked at it. I know some very successful people in that marketplace however, and I know "about it" so to speak. Regardless, I am still not going to speak directly to that marketplace. I do know "more" about the MP marketplace.

That said, I've been in this industry a long time, my entire adult life. My first exposure to this industry was an internship/co-op in high school, as well as summer jobs. I then did work-study programs, co-op's and internships throughout college as well. I became insurance licensed while in college and was already "in the business" while going to school. I entered this business full time, day one -- right out of college.

So, first, my opinion is that if you want to be the best -- you pick one of those marketplaces, FE or MP. Can you straddle the two and be successful, sure, you possibly could. But these two marketplaces aren't like "estate planning" and "COLI" -- as these two are far more related, inter-twined, overlap, etc. Pick one. Try them both, experiment, learn, get exposure, everything -- but eventually, pick one.

Second, and I say this as a seasoned, experienced, successful producer -- and I hesitate to say this -- I would look longer and harder at the MP marketplace. In my opinion, it is less "narrow" and "myopic" so to speak. There is a broader marketplace, and a broader complexion of clientele. With FE, I could be wrong, but I get the impression you are sitting in front of "older" people who have, want and are looking for a very specific need. The product does what it does. In the MP marketplace, yes, you can target and market to very specific demographics, and you can make it just as narrow -- but the marketplace can be far wider in that respect. You can find yourself sitting in front of a young, newly married couple -- with future education needs/wants, disability protection needs, retirement needs/wants, family protection needs/wants -- and, yes, that's right, they want mortgage protection. See my point.

I think the MP marketplace can allow you to build a more diverse, multi-faceted practice and business. That doesn't mean you can be or try to be everything to everyone -- but MP can be a door opener to many different aspects if you target the right audience. With FE, I think it takes "more" to find that much smaller segment of a larger audience.

Be that as it may -- welcome to this wonderful industry. I wish you all the best.

I will impart two more pieces of advice: One...client first...client first, first, foremost and always...Two...be proud of being a professional in this industry. Wear it as a badge of honor.

All the best.