I have a pretty good contract with one company for Mortgage Protection (120%) and am looking into adding another carrier that has higher simplified issue but the commission rate is only (90%) which seems low to me. A couple of buddies of mine who sell Mortgage Protection tell me they are only getting 80%. So my question is what are you making? I know some of the feelings about this type of insurance, however it is my main focus and we do fairly well with it.
Mortgage Protection Commission Rates
- Thread starter CIS
- Start date
- 122
Is this contract for a decreasing term or just for level term that can be used for protecting a mortgage or anything else? I'm curious , what is a good commission for term? I was offered one on ten year term for 60%, seemed really low...
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rocky top buzz
Expert
- 62
We have "mortgage protection" contracts that pay 120%, but I can't tell you that we sell more than 1-2 plans per year. The comp is higher because the pricing in the plan is higher, so what I tell my reps is not only will your business get replaced rather quickly, but your reputation may be tarnished as well.
Any term plan can work for mortgage protection. If I client is examined, while it may cost the insurance company more money to pay for that exam it will result in fewer claims in the long run so it is a win-win. We offer a contract that pays 110% on a fully underwritten 20 or 30 year term plan, and we sell a lot of it. But I am not a big fan of the specific "mortgage protection" products I have seen.
Any term plan can work for mortgage protection. If I client is examined, while it may cost the insurance company more money to pay for that exam it will result in fewer claims in the long run so it is a win-win. We offer a contract that pays 110% on a fully underwritten 20 or 30 year term plan, and we sell a lot of it. But I am not a big fan of the specific "mortgage protection" products I have seen.
- 11,272
Any LIFE INSURANCE plan can work for mortgage protection.
1) The Death Benefit should be large enough to pay off the mortgage in the event of a claim.
2) The cash surrender value can be used to pay off the mortgage early.
3) The savings plan will continue in the event of disability (if you put a disability waiver of premium on the policy).
Then sell a disability income policy to help pay the mortgage in the event they are sick or hurt and cannot work... and you have a full "mortgage protection" plan.
1) The Death Benefit should be large enough to pay off the mortgage in the event of a claim.
2) The cash surrender value can be used to pay off the mortgage early.
3) The savings plan will continue in the event of disability (if you put a disability waiver of premium on the policy).
Then sell a disability income policy to help pay the mortgage in the event they are sick or hurt and cannot work... and you have a full "mortgage protection" plan.
ccurryUW
Expert
- 57
Hello,
I ready your posting and thought I would offer my help if you truly needed to get higher contracts. 120 contracts are everywhere with garbage carriers, but if your looking for strong contracts with Simplified issue carriers that can be tough to find. Please call me when you have a chance or message me I will be more then happy to assist you in what your looking for as I have access to 50 different carriers.
Thank You,
Christopher Curry
Unique Writers
916-370-4699
- 24,940
How are these garbage? Name them please.
Last edited:
You reposted the spammer's contact info.
- 24,940
Good point but I doubt it will be deleted. It just sounds stupid for him to call nameless companies garbage.
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