Can anyone here give me some insight on Mortgage Protection and a reputable company to go with. I have been talking to some people from NAA and they make it sound so easy. It seems almost to good to be true. Thanks
The MP business is (IMO) one of the toughest ways to go. You need a cash cushion of $2k + living expenses for 2 - 3 months and that is assuming you will be successful. Hit some rough spots and you may need more than that.
The MP market is overworked in a lot of areas. New mortgage holders are swamped with solicitations before the ink is dry on the loan. Most folks that are pushing MP products are gizmo sellers. The NAA approach is to do a hard qualify on the phone before setting the appointment. Nothing wrong with that but you will burn thru a lot of leads to get 8 - 10 appointments per week. A strong qualifier & closer will sell 80% or so of those appointments but may burn thru 50 or more leads to get those sales.
Last time I checked NAA was charging around $16 per lead, maybe more. 50 leads at $16 = $800.
If you are weak in qualifying and closing you may need more leads and only close 30%.
So if you do well, you invest $800 to get 10 appointments and make 8 sales. Average commission advance of $500 then you did well.
Some of those will breeze thru underwriting and you will be paid in 2 - 3 weeks. Others will fall out, some will cancel and that doesn't even count the chargebacks from those who cancel in the 3rd month.
Add it all up and throw in the overpriced products that are being sold, you have to ask yourself if it is all worth it.
Can anyone here give me some insight on Mortgage Protection and a reputable company to go with. I have been talking to some people from NAA and they make it sound so easy. It seems almost to good to be true. Thanks
I have worked with a mortgage protection agency the past 2 years and after you learn the system, it is great business. I call the lead and explain what most MP insurance really is, then I offer level term from the most competive. We have competitive commissions and no hype, they just want your business.
The problem currently is that mortgages are way down and leads are slow.
Give you an example of a lead I received last August. Lead had a 600,000 mortgage and wanted to insure him and his wife. I suggested Genworth and ended up selling a combined premium of 8000. In addition, I wrote LTC (2000 commission) and health insurance (1200). The client is a physician and he loves me. Be honest , insure the mortgage with quality companies, rewrite his other life because it isn't competitive. Not all cases are like this, but once you understand the system, and get over the cold call monster, it is great.
Should be quite a few refi's from folks who bought an ARM a 2 - 3 years ago. Foreclosures are way up which means some folks are desperately trying to refi.
so the morgage protection plan they bought was drop long ago.....bet they still pay the heath insurance prem....
Maybe.
If they think you screwed them on the MP, they might decide you screwed them on the health as well and drop it. Go buy something cheaper like Mega or a Right Start plan . . .
If they think you screwed them on the MP, they might decide you screwed them on the health as well and drop it. Go buy something cheaper like Mega or a Right Start plan . . .
Thus why you do not screw them on the life insurance.....
I really can't see no big slow down in the housing market here, most other places home sales are popping at a good pace. Unfortunely places like California and Mass. the prices have climb so high and the high density population is causing the numbers of housing starts to slow down Nationwide. Yet it isn't a Nation wide slow down, just more media dripple on how bad our economy is with no unemployment and steady increase of wages and GDP for the most part.
I find that the MP market is not a bad market if use correctly such as Bluemarlin has suggested here:
I have worked with a mortgage protection agency the past 2 years and after you learn the system, it is great business. I call the lead and explain what most MP insurance really is, then I offer level term from the most competive. We have competitive commissions and no hype, they just want your business.
Can anyone here give me some insight on Mortgage Protection and a reputable company to go with. I have been talking to some people from NAA and they make it sound so easy. It seems almost to good to be true. Thanks
mortgage protection is simply a marketing way to avoid definition"life insurance". Approach is being used is to provide you with amount of coverage which is equal to your loan amount. When you express any interest, they simply offer you more coverage. Yes, it is about buying life insurance. There is nothing to hide here. Just buy Life Insurance if you care about people that depend on you financially California Business Insurance | CA Health - Life | Insurance Quotes by ABS Insurance, Inc.
mortgage protection is simply a marketing way to avoid definition"life insurance". Approach is being used is to provide you with amount of coverage which is equal to your loan amount. When you express any interest, they simply offer you more coverage. Yes, it is about buying life insurance. There is nothing to hide here. Just buy Life Insurance if you care about people that depend on you financially California Business Insurance | CA Health - Life | Insurance Quotes by ABS Insurance, Inc.
yep. Go into the life insurance business, not the mortgage protection business. { I have had folks in the MP game tell me to never, ever mention life insurance to clients. Because it scares them. This is wrong, and deceptive. }
I will not hammer somebody for doing a legit business, but being deceptive is just not right. I like to sell burial life insurance and little accident plans. I do not mind if somebody likes to sell term life to protect a mortgage. If they lie and screw people, that's just wrong.
When I was with NAA I was seeing people who mostly didn't have any insurance and hadn't seen a doctor for years. A non-med with ROP made sense to me and them.
If they have current medicals, then use regular term, of course.
Your upline will not be happy about you selling underwritten products. Too much risk at losing the commish.
Unless you want to recruit, avoid NAA.
Can anyone here give me some insight on Mortgage Protection and a reputable company to go with. I have been talking to some people from NAA and they make it sound so easy. It seems almost to good to be true. Thanks
There are many agents that do very well in this market.
Agents that work this market primarly sell policies that do not require an exam.
If you are required to purchase leads or mailers, make sure you have a good contract.
Mortgage Protection
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