Symmetry Financial Group: How to Sell Mortgage Protection Insurance and Make Money Doing It! docx

Symmetry Financial Group: How to Sell Mortgage Protection Insurance and Make Money Doing It!. Table of Contents Preface Chapter1: So You Want to Sell Mortgage Protection Insurance Chapte

Symmetry Financial Group: How to Sell Mortgage Protection Insurance and Make Money Doing It!

Published By: Symmetry Financial Group

Copyright Notice

Copyright © 2013 Symmetry Financial Group Smashwords Edition

Symmetry Financial Group

Swannanoa, NC 28778

http:// www.sfglife.com

Because of the dynamic nature of the Internet, any Web addresses or links contained in this ebook may have changed since publication and may no longer be valid The views expressed in this work are solely those of the author and do not necessarily reflect the views of the publisher

Smashwords Edition, License Notes

Thank you for downloading this free ebook Although this is a free ebook, it remains the copyrighted property of the author, and may not be reproduced, copied and distributed for commercial or non-commercial purposes If you enjoyed this ebook, please encourage your friends to download their own copy at Smashwords.com, where they can also discover other works by this author Thank you for your support

Table of Contents

Preface

Chapter1: So You Want to Sell Mortgage Protection Insurance

Chapter 2: Getting Started in the Mortgage Protection Industry

Chapter 3: What You Need to Achieve Success

Chapter 4: Where to Find the Most Promising Leads

Chapter 5: The Secrets to Closing More Sales

Chapter 6: Help! I’m Stuck in a Sales Slump!

About the Author

Appendix

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Preface:

Symmetry Financial Group specializes in selling mortgage protection insurance policies Our agents earn fruitful incomes in rewarding careers helping families to realize the benefits of mortgage

protection insurance This ebook was created to provide insurance agents with a culmination of

insight and knowledge into achieving financial success in the mortgage protection business – gleaned from over 50 years of real world, firsthand experience in the industry

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Chapter 1: So You Want to Sell Mortgage Protection Insurance

In its simplest form, mortgage protection insurance is an insurance policy that will pay the remaining balance owed on your home in the event of a death This benefit covers the outstanding principle balance owed on the primary mortgage, making payment directly to the lien holder upon the

beneficiary’s death

For those families in a two income household or where there is one primary bread winner, mortgage protection insurance provides the piece-of-mind that in the event of a death, the family will not be held

to paying a mortgage they may no longer be able to afford This benefit is particularly beneficial to families whose home mortgages may be under water due to the current state of the housing market Unfortunately, while mortgage protection insurance offers an economical benefit for hundreds-of-thousands of families across the U.S., it can prove challenging to sell This type of insurance is often misunderstood by consumers who mistakenly confuse it with the mortgage insurance premium they pay on their FHA loan Selling mortgage protection insurance requires an agent to be knowledgeable about the misconceptions associated with this product and act not just as a salesman, but as an educator and counselor

Those who try to hard-sell mortgage protection insurance to unsuspecting leads will find little

success But with the proper support system, motivation and education, agents can earn top

commissions and generate residual income for years to come

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Chapter 2: Getting Started in the Mortgage Protection Industry

Before you can begin making money selling mortgage protection insurance you will need to obtain a license, purchase liability insurance and register yourself as an agent

Anyone who wishes to sell mortgage protection insurance must obtain a license to sell insurance in their state of residence To get your license will need to pass an exam showing that you understand the laws and regulations surrounding the sale and solicitation of insurance products

You will also need to obtain errors and omissions coverage, commonly referred to as E&O E&O is professional liability insurance that protects you, the agent, in the event that a client suffers a financial loss as a result of your mistake, such as a failure to disclose pertinent policy information Check with your state’s insurance department for a list of approved E&O providers

Finally, you will need to register yourself as an agent with the provider or agency you wish to sell insurance for and familiarize yourself with your product portfolio

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Chapter 3: What You Need to Achieve Success

The mortgage protection business is a competitive marketplace But with the right attitude, motivation and support system, agents can earn a lucrative income The two factors that will have the biggest impact on your success or failure in the mortgage protection business are:

1) The support system provided by your agency, and

2) Your attitude

Building a Foundation for Success

A good insurance marketing agency will provide its agents with the complete tools, training and

support they need to achieve financial success At a minimum, your agency should provide you with:

• Direct sales support

• Friendly, accessible managers

• A competitive portfolio of highly sought-after carriers

• Exclusive, internal leads

• Underwriting and new business support

At Symmetry Financial Group, we prepare our agents for success by providing each of the above, in addition to:

• Full IT capabilities and agency support

• Website design and support

• Contracting and licensing assistance

• Weekly focused discussions from agency experts

• Continued education through webinars, teleconferences and live networking events

If offered by your agency, take advantage of the opportunity to attend trade shows, conferences and meetings Whenever possible, network with other insurance professionals in your field These are great places to make connections, learn from respected industry leaders and stay up to date on industry trends

Getting in the Right Frame of Mind

Even agents who have been given the best tools for success can find themselves failing in the field if they are not in the right frame of mind Selling mortgage protection insurance is NOT a one-size-fits-all business Those individuals who typicone-size-fits-ally do well in the insurance industry are:

• Self-motivated

• Personable

• Comfortable speaking on the phone

• Comfortable speaking with groups of people (sitting face-to-face with families)

• Able to learn quickly

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Chapter 4: Where to Find the Most Promising Leads

Digital Lists

In today’s digital world, there are no shortages of companies willing to sell you electronic lists of harvested leads However, you are best advised to stay away from these types of services,

regardless of the promises made If you get lucky, the company selling you the leads may have

actually verified the mailing address, phone number or e-mail address provided for each contact person But for most digital leads, no such verification has taken place, leaving the buyer to assume all the risk

In addition to unverified contact information, many (if not all) of the leads on digital marketing lists are unaware that they have even been added to such lists and are likely not in the market for mortgage protection insurance A more likely scenario is that the lead was searching for similar insurance, such

as flood insurance, entered their e-mail address into a website to receive a quote, and unknowingly agreed to have their contact information distributed to third party affiliate marketers

Cold Calling

While aggressively telemarketing cold calling leads is a marketing technique that many insurance agencies encourage, this type of technique is intrusive, inefficient and time-consuming Yes,

insurance agents who have the right personality-type for the job can close sales with cold calling, but this type of prospecting is often emotionally draining and requires much more effort to achieve

success

Ideally, agents should be working with a company that has done the prospecting for them and

provides the agent with verified, warm leads, allowing them to focus on selling – the real money

maker

Direct Mail

At Symmetry Financial Group, we have found that the most effective method for cultivating leads that will convert is through direct mail marketing Direct mail marketing produces the highest quality leads

in comparison to other lead generation techniques By completing and mailing back a direct mail marketing piece, prospects are actively confirming their interest in obtaining mortgage protection

insurance The leads arrive already warm, with a confirmed interest in the product and are

expecting to be contacted!

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Chapter 5: The Secrets to Closing More Sales

As a mortgage protection insurance agent, you are in a sales career that offers multiple ways to grow your business relatively inexpensively While not every lead may convert to a sale, there are several steps you can take to increase your chances of success

Listen More, Talk Less

As tempting as it is to sit down and begin explaining all the benefits of your insurance policies and plans, the best thing you can do is let the prospect lead the discussion Instead of pitching your

product, sit down and ask the person you are speaking with about their lifestyle Ask questions about their family and concerns for the future, and let them tell you what it is they are looking for Your role

is to be an insurance consultant, not an insurance salesman

Don’t Sell Products, Provide Solutions

Instead of jumping into a sales pitch about the great discounts your agency offers on insurance plans, explain to the prospect how what you are offering can help solve a problem they currently have, or potential problem down the road People are much more likely to purchase products that resolve problems and provide them with peace of mind You will only be able to do this successfully if you understand the families’ needs and have followed rule number one: Listen More, Talk Less

Highlight Benefits over Features

Rather than focusing on the technical aspects of an insurance policy (although you do want to be sure the lead clearly understands this prior to purchase), first highlight how having insurance will help them in terms they can relate to For example, explain how the policy will help prevent them from having to sell the home or possibly file for bankruptcy Be sure to keep the lead and their needs at the center of the conversation

Leave Something to Remember You By

Most simple insurance sales – especially lead driven sales – can be a one sit close, but occasionally families will need to weigh their options and put more thought into their final decision This is certainly the case with annuity sales or more complex life insurance sales Be sure you are prepared with specific company or product literature that you can leave behind At the very minimum, be prepared

to leave a business card, because those who do buy may have questions after you leave and will need a way to get in touch with you, especially if or when they need to use the policy

Set Goals and Deadlines

Make sure that your goals are specific What number of appointments are you going to set this week? 10? 15? 20? How many of those appointments will result in a sale? Be sure your goals are realistic Rather than aiming for a 100% close rate, aim to increase your insurance sales by 10% Incremental goals are much more achievable and create an atmosphere of success Don’t leave your goals open-ended It’s not enough to say “I will increase sales by 10%.” Instead, give yourself a set deadline “I will increase sales by 10% every month.”

Ask for Referrals

Have a happy prospect that you’ve helped in the past? Don’t be afraid to ask for referrals Word-of-mouth is still a viable, and free, lead generating tool

Learn Something New Each Day

Devote some time each day to improving your sales and marketing knowledge Read a book, attend

a webinar or listen to an audio book, and try to learn something new about your field

Associate with Successful Professionals

Surround yourself with successful, positive people If you are surrounded by people who are meeting their goals, it will help motivate you to achieve your own objectives Talk to other professionals in the insurance business about what does and does not work, and ask about their experiences when they were in your shoes

Love Your Job

In order to be truly successful, you have to love your job and believe in the product you are selling People who enjoy what they are doing experience less stress and a higher success rate

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Chapter 6 Help! I’m Stuck in a Sales Slump!

If you are in the mortgage protection insurance business, you will likely have those days, weeks, or even months, where you feel like no matter what you do, you just can’t make the sale You are not alone Even the most successful insurance agents and agency representatives have lost their selling rhythm at one point or another in their professional careers The key is to recognize that your sales slump is a temporary situation and work to minimize it

Take a Mental Break

When sales are low, the pressure to succeed mounts If success is not achieved, it can be

discouraging and lead to lowered expectations and a lack of motivation Don’t let a temporary rough patch erode your confidence in your ability to achieve success Instead, take a short break and focus

on something you enjoy Rather than worry about whether you will close the next sale, give yourself some time off and enjoy an outing with your family or friends Surrounding yourself with people you love and enjoy spending time with will be an instant mood booster

Before heading back to work, be sure give your brain a mental reset The past is the past Go to your next sales appointment with a fresh perspective Don’t set yourself up for failure by expecting poor sales Instead, treat each lead as a new opportunity and go to each appointment with a fresh,

optimistic outlook

Evaluate Your Lead Source

When leads aren’t expecting you or have no idea what you are talking about, it can be next to

impossible to close a sale, let alone get your foot in the door Your agency should be providing you with legitimate, verified insurance leads who know you are coming Handling warm leads is much easier than cold calling or randomly going door-to-door

At Symmetry Financial Group, we cultivate our own in-house leads through a proven direct-mail system That means our agents are put in front of families who have requested their help and are ready to buy

Talk to Your Mentors

A good insurance marketing organization will provide its agents with a strong support system In addition to webinars, training videos and conferences, agents working with Symmetry Financial

Group are able to learn from mentors who have walked in their shoes Reach out to a mentor and talk

to them about the challenges you are facing Chances are they have faced the same challenges and have successfully overcome them Listen to your mentor and don’t be afraid to ask for advice

Assess Your Body Language

Whether consciously or subconsciously, your body language tells a lot about you Your body

language provides subtle signals to a lead that is used in forming their opinion of you and your

expertise When you are feeling discouraged or are not confident, a poor posture and weak

handshake can be the result, and those will quickly give you away When meeting with a lead, be sure to take stock of your body language Don’t clench your fists Sit up straight, yet comfortable Extend a handshake Try not to cross your arms and legs (this conveys you have something to hide) Look at the person when they are speaking to you (don’t shift your eyes around the room) Don’t fidget by tapping your feet, twirling your pen, doodling, picking at your nails, or otherwise

Don’t Sell Anything

One of the worst things you can do when selling insurance is try too hard When you have a lead that

is already interested in your services and has requested that you contact them, the sale comes

naturally Instead of trying to sell a product, approach leads as a consultant They are looking for an expert to help them decide which type of insurance best suits their needs, finances and lifestyle Don’t talk over your lead Let them drive the conversation Listen to their needs; let them tell you what they want, and be the expert consultant that they need

A career in mortgage protection insurance sales is not for everyone, but if you have the motivation and drive to succeed, it can be highly rewarding, both professionally and personally

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About the Author:

Symmetry Financial Group works with insurance agents and agency builders across the country to help them achieve their personal and financial goals while bringing balance back to their lives Agents working with SFG earn a great living helping American families protect themselves from financial hardships

Did you download this eBook because you are considering a career in insurance sales? Contact Symmetry Financial Group today to see how to get started in the career you’ve been waiting for!

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Appendix

Federal Housing Authority (FHA) “FHA Requirements: Mortgage Insurance” (2012)

Guide to Lenders “Private Mortgage Insurance Available Again”, Gina Pogol (2013)

Insurance Journal “The Ins and Outs of Errors and Omissions Insurance”, Glenda Wertz (2004)

SFGLife “The SFG Business Model” (2013)

U.S Securities and Exchange Commission (SEC) “Cold Calling” (2012)

SFGLife Blog “10 Tips for Closing Sales Every Insurance Agent Should Know” (Jan 2013)

Symmetry Financial Group Blog “Get Your Career Back on Track with These 5 Tips for Increasing Insurance Sales” (Jan 2013)

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