Mortgage Protection Agents...marketing strategy.

[360]

Mortgage Protection Agents...marketing strategy?

If you are a seasoned mortgage protection agent working primarily direct mail would the following business model work for you?

1.) 10-15 preset appointments per week charged at $50/appointment
2.) 90-100 point contract

It seems like most people I've talked to end up closer to $60-$80 per sit, trying to find a number that works.

 

[susieQ]

Pre-set appointments. I've had friends try those and they get to the appointment and either nobody's home or they didn't remember they have an appointment. You'd have to be doing some big business to make a $50 appointment work. If you closed two out of 10 the numbers just don't work. Sounds like an agent could dig a really big hole very fast! But of course they'll tell you that since it's an appointment not just a lead you'll get much better than 2 out of 10. Yeah, right. Sorry but I'm cynical when it comes to that kind of stuff. Just like the guy that trained me on health insurance when I first started, never got stood up and closed every appointment 100% of the time.

 

[360]

Have you ever ran a mortgage protection appointment?

 

[susieQ]

Nope, but I've been naive many times before and I'm trying to use better judgment now.

 

[bluemarlin08]

I did mortgage protection for 3 years and sold 90% of the cases by phone.

 

[TimLett]

I did mortgage protection for 3 years and sold 90% of the cases by phone.

Care to share the system you used to do this???

 

[TimLett]

Pre-set appointments. I've had friends try those and they get to the appointment and either nobody's home or they didn't remember they have an appointment. You'd have to be doing some big business to make a $50 appointment work. If you closed two out of 10 the numbers just don't work. Sounds like an agent could dig a really big hole very fast! But of course they'll tell you that since it's an appointment not just a lead you'll get much better than 2 out of 10. Yeah, right. Sorry but I'm cynical when it comes to that kind of stuff. Just like the guy that trained me on health insurance when I first started, never got stood up and closed every appointment 100% of the time.

And if NAA's telemarketers are the ones making the appointments, you will dig a very huge hole very quickly. I used to get their tele-marketed leads. I think someone was just trying to fill a quota.

 

[bluemarlin08]

Shoot straight, tell them that traditional mortgage insurance was decreasing term and assigned to the mortgage holder. Better choice is a 20 or 30 year level term they own, quote a quality A+ company, ask about their other coverage and ask if they want a quote to see if their current coverage is competitive. Folks appreciate the honesty and will appreciate the value.

 

[HomeService]

Start by telling them they are purchasing life insurance to protect a mortgage obligation, amongst other obligations. Do a fact finder to add in the "other obligations." Then, the fact finder also takes into account the insurance already owned. Do a complete job, not just "mortgage protection". That's my advice. You certainly do not have to take it. It's free, and sometimes you get what you pay for.

As a matter of fact, I once told a person at the state board of insurance about "mortgage protection", and how some managers out there discourage using the words "life insurance". The state board was not impressed, and said they wanted anything in writing { from the company or its managers} that told agents not to use the words. Ahhh, the language of the trade, it's a wonderful thing.

 

[360]

Thanks everyone.

I guess I should have given a little more backgroud. I wasn't asking if selling mortgage protection was a viable option/how to sell. I was looking for insight from other producers on the strategy of buying pre-set appointments vs. direct mail leads.

I have been using mortgage protection direct mail for over a year to build my business. Have had reasonable success. I sell 50+% of the folks I sit with. The one area that has always proved to be a challenge for me was having enough time to effectively work the phone to set up my week.