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Dang! I definitely believe the most powerful part of this business is the referral. It's seems you have mastered it. Well done
FE or Mortgage Insurance
- Thread starter BeachBoy
- Start date
Dang! I definitely believe the most powerful part of this business is the referral. It's seems you have mastered it. Well done
- 24,967
I definitely would not say i mastered it. Just the Way I was taught. Oh, and I am cheap.
- 1,900
Do you ask asset gathering questions? 401K, 403b etc
- 24,967
Not in this market.
- 1,900
I understand not to FE, I was thinking more about your referrals you come across.
Not an FE question, but I have a good friend who is opening his own mortgage business. He has been doing this for a long time, but was working for someone else and had to refer his clients to his boss's friend for their mortgage protection. Now he can send them to me. I am contracted with all the main FE carriers, including Americo. Are they the best option for mortgage protection or is there someone else that I should look at? I want to be able to offer the best prices but don't know a lot about MP. Thanks for the help.
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In my limited experience Americo's term is high. Depending on the clientele and what the price range of the houses I'd look at some FU companies...SBLI, Banner, North American...Trans does have some pretty good products as well
The average age these days for Mortgage Protection that I see is between 40-50.
With this, you will find that a good Non-Med Carrier or Simple Issue Term is the best option because most people are not going to fit the Fully Underwritten Model. (40% of the Cases issued "including Non-Med" will fit this age group).
Because of Health issues and the time it takes to go through a MP sale, the industry best supports Simple Issue Plans as it pays the most and is easier to issue. The cost associated with getting this lead is so much higher than FE, the agent needs the SI plans to make decent money.
That being said, I Like the following companies in order of preference due mainly for Commission Levels and Ease of Issue.
SI Term
With this, you will find that a good Non-Med Carrier or Simple Issue Term is the best option because most people are not going to fit the Fully Underwritten Model. (40% of the Cases issued "including Non-Med" will fit this age group).
Because of Health issues and the time it takes to go through a MP sale, the industry best supports Simple Issue Plans as it pays the most and is easier to issue. The cost associated with getting this lead is so much higher than FE, the agent needs the SI plans to make decent money.
That being said, I Like the following companies in order of preference due mainly for Commission Levels and Ease of Issue.
SI Term
- Baltimore Life - Home Secure Term
- MOO/United of Omaha - Term Life Express
- American Amicable - Home Protector Term
- Americo - HMS 100 Term
- Fidelity Life - Rapid Decision Term
- UHL/UFFL - Express Issue Deluxe Term
- Transamerica - Trendsetter LB Term
- American National - Signature Term
- Foresters - LifeFirst Term
- Assurity - NonMed Term350 (Ages<42)
- Sagicor - eApp SI Term
- RNA/Royal Neighbors - Term
- Protective Life - Choice Term
- Banner Life - Term
- MOO/United of Omaha - Term Life Answers
- North American - Term
- AIG/American General - Term
- 16,880
That's a great breakdown Pat. Is RNA a first choice because of a rate advantage or underwriting? I don't do much term but I did get a case approved table 2 with them that was a flat decline with two other companies.
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