A high school graduation, a current life insurance license, and a valid driver’s license are all required to work as a mortgage protection sales agent. Employers prefer previous sales experience in a similar industry, while it is not always required, and may provide further training. Obtaining a license usually takes two to three weeks, and some companies provide discounted fees for these courses. Basic computer abilities, as well as good interpersonal, listening, and communication skills, are also required. Confidence, a desire to help others, and a readiness to learn are all beneficial attributes to have. You may need to take extra training programs depending on the state you work in and the needs of your company.
High First Year Commissions
Mortgage protection insurance sales pay a higher first-year commission than other types of insurance, such as Medicare Advantage and Medicare Supplements.
Your earnings should average $700 to $900 per closed contract at acceptable commission percentages.
If you sell mortgage protection insurance coverage many times a week, it’s not too bad!
Strong Leads
In other words, prospects who responded to our advertisements had recently acquired a new home.
We also know that people who have recently purchased a home are more willing to purchase insurance.
This means you’ll probably get a better lead than if you used final expense leads, which demand a larger net.
In comparison to other lead-based insurance sales methods, mortgage protection agents present to and close a higher percentage of leads.
Simple Application Process
When it comes to marketing mortgage protection insurance, simplicity is key.
Electronic applications are available from the majority of mortgage protection companies. This implies the possibility of receiving instant approvals after submitting an application.
Expect your mortgage protection prospect to receive an underwriting decision within a week or two if a case isn’t instantly approved in the house.
Is selling mortgage protection a good job?
It ensures that your clients’ children will continue to attend the same school and grow up as normally as possible after either of their parents passes away. It’s all about ensuring that a family can stay in their house without ever having to worry about paying their mortgage. Regardless of the premiums, it’s a policy you can feel good about selling because the coverage gives excellent survivor benefits.
Selling mortgage protection insurance (MPI) allows you to provide your client with peace of mind while also earning a tidy profit.
It’s a fantastic pairing.
In fact, it generates more secondary life insurance leads than other sales models such as final expense, house, social security seminars, or vehicle insurance.
You can easily start selling MPI Insurance no matter what sales model you’re currently using.
Do banks sell mortgage insurance?
Banks and mortgage lenders are frequently used to sell it. Simply put, lenders prefer mortgage life insurance because they are the ones who receive payment after you die.
Do mortgage brokers sell mortgage insurance?
Personal financial professionals are a quiet group. It’s not often that they state they’d “never ever” recommend purchasing a financial instrument.
Mortgage protection insurance isn’t the same as the mortgage insurance most Canadians are aware with, which is required when your down payment is less than 20% of the home’s worth and is purchased from the Canada Mortgage and Housing Corporation (CMHC).
Mortgage protection insurance, unlike the more well-known mortgage insurance, which protects lenders if homeowners default, is essentially a form of life insurance. If you die or become handicapped, it will pay your mortgage debt.
What is a mortgage protection specialist?
Homeowner protection products such as final expense insurance and mortgage protection insurance are sold by a mortgage protection specialist. Your responsibilities as a mortgage protection specialist include calling prospects, setting up appointments to offer mortgage protection products, and fulfilling overall business sales targets. You may be qualified for managerial jobs as you gain experience. Because businesses give substantial on-the-job training, there are no formal requirements for this position. Strong communication abilities over the phone, via email, and in person are required, as are excellent customer service skills.
What happens to mortgage insurance when you sell?
Your lender-provided mortgage insurance is connected to the lender if you sell your home. As a result, if you sell your home, transfer mortgage providers, or do anything else to stop your association with that debt, the mortgage insurance policy associated with it is cancelled.
Term insurance provides security that is continuous throughout your housing situation. Your property has no bearing on the arrangement.
How much is mortgage insurance for death?
The cost of a mortgage protection insurance coverage is determined by a number of factors. Insurance providers will look at how much money you owe on your mortgage and how much time you have left on your loan term. They’ll examine your age, job, and overall risk profile, just like a standard life insurance policy. A bare-minimum MPI coverage, on the other hand, should cost at least $50 per month.
How much does PMI mortgage insurance cost?
PMI costs between 0.5 and 1% of your loan amount per year. Let’s take a moment to put those figures in context. If you buy a $300,000 property, mortgage insurance will cost you anywhere from $1,500 to $3,000 each year. To make it more reasonable, the expense is divided into monthly installments.
How do mortgage companies rip you off?
Even if you do not qualify for a mortgage, lenders may accept your application and charge you fees. This is a method used by lenders to defraud naïve borrowers. You may waste hundreds of dollars in unwarranted fees in addition to having your mortgage application denied.