Mortgage Protection Sales/Phone Sales Training
What Is Mortgage Protection
If someone has a mortgage on their home, chances are they have gotten plenty of offers for mortgage protection insurance. For example, shortly after they signed the papers for thier new home, they start receiving mailers with information on mortgage protection insurance.
Why does anyone need mortgage protection insurance anyway? Answering these basic questions will help you understand how to sell it to your clients.
What Is Mortgage Protection Insurance?
Generally speaking, mortgage protection insurance will cover some or all of your monthly mortgage bill in the event that you lose your job, become disabled, for various lengths of time. Most of these policies will also pay off your entire loan should you pass away.
The cost of mortgage protection insurance varies from person to person, and as with life insurance, the rate is based on the clients age and health, as well as the current value of their home, the amount of their regular payments, and the current payoff amount of the mortgage.
If a client purchase mortgage protection insurance that pays off their loan in the event of death, the insurance company will send a check directly to the lender for the current payoff amount on the mortgage. In turn, the clients heirs won’t have to deal with a home that has a mortgage attached to it. If the insurance covers disability or job loss, they may not cover the entire mortgage payment. Instead, they’ll cover a certain amount that’s specified in the contract.
Mortgage protection insurance is not the same thing as private mortgage insurance (PMI), which goes to the lender if the client defaults on the mortgage, and doesn’t have a specific benefit for the borrower. Most people think they have Mortgage Protection insurance but they in fact have PMI. PMI insurance only protects the lender, not the borrower (client).
Benefits of Mortgage Protection Insurance
- Very high acceptance rates. There are very few reasons why an insurance provider would turn someone down for mortgage protection insurance. While many people are counting on their life or disability insurance to cover these costs, some people have trouble getting life insurance because of their age or pre-existing medical conditions. If someone is in this scenario, then mortgage protection insurance can be their best option to protect their family’s standard of living.
- Peace of mind. As with any insurance policy, you never really know if you will ever use the insurance. But the safety net of insurance provides peace of mind. Some people go to work every day wondering what will happen to their home if they lose their job or become disabled. With the right mortgage protection insurance, they don’t have to stress and they will know that the payments will be made.
- Declining value over time. If someone takes out a $200,000 life insurance policy and keeps paying the premiums, the heirs will receive $200,000, regardless of when you pass away. Mortgage protection insurance, however, only covers the payoff amount on the mortgage of the home, which goes down as you keep paying it every month. That means if they owned their home for 20 years, and originally had a payoff amount of $200,000, the payoff amount will have declined significantly by now. Some policies offer decreasing premiums as the face amount declines. In addition, some policies will refund your premiums in the case that the client pays off their mortgage.
Appointment Setting Script Mortgage Protection
Appointment Sett Final Expense Telemarketing Lead Script
HOW TO BUILD VALUE (13 min)
BECOMING A PRO AT SETTING APPOINTMENTS (PART 1) (20 min)
BECOMING A PRO AT SETTING APPOINTMENTS (PART 2) (31 min)
SALES TRAINING AND MOCK APPOINTMENT SET (21 min)
HOW TO HANDLE REJECTIONS AND SOME REBUTTALS (21 min)