BIG question BIG consequences

[HomeService]

Going into the mortgage protection business is usually the wrong thing to do..... how about going into the life insurance business???? I don't care if it is a fortune 500 company, or NAA, going around and asking people to "protect their mortgage" leads to all kinds of problems and issues. Not good. Unless you do a complete job, and protect all things against loss with life insurance, including the mortgage, which I find to be rare amongst "mortgage protection" types.

 

[ims01]

You are getting a very good close ratio with your mortgage leads. Based on your numbers I'm guessing you spend $400 and make $2000. At one lead per week, you are making $200/week at most. What are you doing with the rest of your time? As a captive agent, what is the carrier giving you if you need to buy leads from an outside source? Certainly not a top contract.

The first thing I would suggest is keep buying your leads, but go get better contracts. Secondly, get contracted with another MGA that can help you with leads to grow your business. Thirdly, look at other options besides the mortgage market. There are a lot of agents chasing a declining number of leads.

 

[pebble head]

I'm getting WAY more than $200 a week. AGAIN, I use the mortgage protection as my entry into the house and find other leads once in the door. The housing market here has not suffered here like it has across the country, so that is helping me some. Annuities keep me rolling right now. Lazy money seems to be sitting around doing nothing for the clients when I get to them. I have my Series 6 and 63 and almost done with my LUTCF so rollovers are also a part of my practice and EASY money! I'm just looking for a new source to get me in front of people more often, and I can handle the rest. OH and I'm looking for a better contract than the dismal 50% on terms and 4% on annuities! AND the carrier does not give ANY leads. NONE, NADA, SQUAT for leads. ANYONE familiar with ACA since NAA is not the wisest decision? American Classic Agency is their name. ANY INFO would be GREATLY appreciated! I was told to go into the FINAL EXPENSE market to supplement my income once I go independent. Does anyone have experience in this market?

 

[HomeService]

I am glad to see you only use mortagage as a door opener. I only do final expense. I only take "as earned", usually about 45% commission or so, maybe 50%. I may have seen as high as 60%. I never take advances because I have some folks who do not pay, I mainly sell younger/middle aged folks on the final expense, lower to middle income, not seniors, so I am kind of odd in that aspect. I do not sell a lot of volume, am kind of a part- timer. So, I do not know how well I could help you with final expense, but I find it to be more enjoyable {for me to sell} than mortgage protection, every one has different tastes, though.

Since I am part time and do insurance as an enjoyment thing or hobby, I am very different than a person who depends on the next sale to eat.

 

[ims01]

ACA is the predecessor to NAA. Andy, Phil and Barry were with ACA and then split off. Comp and leads are the same. It's very similar, just not as rah rah.

 

[TimLett]

ACA is the predecessor to NAA. Andy, Phil and Barry were with ACA and then split off. Comp and leads are the same. It's very similar, just not as rah rah.

After dealing with both organizations, leads and comp are not the same.