FE or Mortgage Insurance

[smokin goose]

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 [*]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 Non-Med Term [*]Transamerica - Trendsetter LB Term [*]American National - Signature Term [*]Foresters - LifeFirst Term [*]Assurity - NonMed Term350 (Ages<42) [*]Sagicor - eApp SI Term Fully Underwritten 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

I sold a Principal this week. Very easy application process. Is there a reason they're not on your list? I was gonna use them again if I get the opportunity.

 

[rousemark]

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

1. Baltimore Life - Home Secure Term
2. MOO/United of Omaha - Term Life Express
3. American Amicable - Home Protector Term
4. Americo - HMS 100 Term
5. Fidelity Life - Rapid Decision Term
6. UHL/UFFL - Express Issue Deluxe Term

Non-Med Term

1. Transamerica - Trendsetter LB Term
2. American National - Signature Term
3. Foresters - LifeFirst Term
4. Assurity - NonMed Term350 (Ages<42)
5. Sagicor - eApp SI Term

Fully Underwritten Term

1. RNA/Royal Neighbors - Term
2. Protective Life - Choice Term
3. Banner Life - Term
4. MOO/United of Omaha - Term Life Answers
5. North American - Term
6. AIG/American General - Term

Family Life EZIssue/MCI gold with or without ROP is a decent Simplified Issue product... Street commission is around 115% first year with a small renewal.

 

[TwiLight]

Family Life EZIssue/MCI gold with or without ROP is a decent Simplified Issue product... Street commission is around 115% first year with a small renewal.

That's why I love this forum.... I never even thought at looking at them and forgot all about that product.... Thank you for shinning a light for me

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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.

The underwriting is very Fair and the rates have been really competitive under age 50 especially women.

I compare ages 25-39 all the time and they are near the top 10 on low rates for Preferred and Standard Rates.

The other nice point is the commission is very good FYC and Renewals for a fully underwritten product.

As for BaltLife, I like their underwriting very much, true Simple Issue.. Rates are competitive and so is commission. The other main advantage is the Voice app with them INSpeed or you can still use a POS and paper.

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I sold a Principal this week. Very easy application process. Is there a reason they're not on your list? I was gonna use them again if I get the opportunity.

Mostly because they are not friendly to MGA Shops like us... Comp is too low.

They are fine for the individual producer going direct with them. But we need more Comp.... I find many others with comparable rates and underwriting that are much more friendly to MGA's.

 

[HoosierLife]

I sold two Protective UL30s a week or so ago. I really like that product. Priced competitively with Term and the DB will not expire after 30 years. For the husband, it won't explode until he's 88. And it will still be affordable until 99. Starts at $500K and bottoms out at $10K, but that's better than nothing. Plus he can always pay more into it and extend how long it lasts...even if Protective can't illustrate that grrrrr!

 

[senior-advisor-indiana]

Is there a quote engine for simplified issue and/or non med term?

 

[TwiLight]

Is there a quote engine for simplified issue and/or non med term?

We use a compulife version... They are a bit behind on Rates and have not put up Baltimore Life's Mortgage Protection yet....

Feel free to use our free quoter at: www.LegacyQuoter.com

 

[senior-advisor-indiana]

We use a compulife version... They are a bit behind on Rates and have not put up Baltimore Life's Mortgage Protection yet....

Feel free to use our free quoter at: www.LegacyQuoter.com

Thanks. I'll check it out...

 

[Debrabrkr941]

What is the best age target for selling mortgage insurance?

 

[TwiLight]

What is the best age target for selling mortgage insurance?

It will depend on the way you prospect.... Direct Mail usually targets Baby Boomers. That age group still returns Mail. We find that 80% of our direct mail is returned by people older than 50.

To target ages 30-50, you will need alternate marketing, such as Radio, Social Media and direct to consumer via the realtor.

Legacy has a program that uses the Realtor for Mortgage Protection and I have used it for 30 years with great success. That has been my primary marketing method for Mortgage Protection. Direct Mail is used by our agents the first year until they establish the program in their local market.

Skipper

 

[Cybrspidey]

If anyone would care to post their opinions I would appreciate it as I'm new to this forum. Have been in FE sales for several years now and have done quite well so I decided to relocate down to the Tampa St. Petersburg area. Is it me or is the market extremely saturated down here. I can close if I can see people, however, it seems appointment setting is more difficult than up North, and door knocking not as responsive as well. Thinking about getting into the Mortgage insurance bizz. Thanks to those who care to respond.

Having worked both, I would say that I actually prefer FE. While it was an adjustment at first, as the clientele is different, working days and being able to see my family, nothing better than that!

Also, unless you implement a plan like Skipper is talking about above, you need to understand DM MP leads will always have a limiting factor: there are only so many closings, refinances and equity lines taken out per month. The data comes from that information, some months are better than others. Lead flow can be inconsistent and definitely much more expensive than FE.

Premium wise, the average case for FE will be less than MP, however, I find that I write as much if not more AP running FE. Also, and it may be just me, but I really get much more satisfaction helping out the FE clients, oh, and nothing beats replacing the agents who have screwed them over.

As far as your leads go, you need to look at how they are being mailed, what filters are being used, what is the average return rate your getting for the counties you selected, did you exclude any zip codes, etc.

So in short:
MP = mostly evening work; higher cost leads; clients will have decent income (they just purchased or refinanced a home); Average AP per case is 800+; limiting factor of lead flow

FE= mostly day work; lower lead costs; clients will vary in income based on your lead filters; average AP 600+/-; consistent lead flow

Hope this helps!