Mortgage Insurance

[Atavae]

I am new.

 

[WinoBlues]

Unless you are new and need training, why not go on your own. Buy lists of new mortgages (NOT new homes because people refinance and have capital to pay premiums), then hire a direct mail company to mail out literature with a reply card in it.

I did this for 30 years until I got tired of working nights and Saturdays.

Use a 4x6 size postcard with the top half giving your pitch and the bottom half for their name, address & phone #. That's your pitch and reply card. The opposite side of the card has your address.

Stuff the card in an envelope with a window to show their address and mail it out bulk mail. The print shop will know how to do all of this and the requirements from the post office (you'll need to get a reply card account from the post office).

Good luck.

I always used fully underwritten level term to cover a mortgage. Aren't most MP agents selling a Simplified Issue Term with disability and employment riders. Or am I thinking of a long time ago?

 

[walleye]

Americo has their Mortgage Protection Series

 

[SamIam]

[QUOTE

Not the same thing at all.

There are very few if any DT plans left out there.

I also do not believe most level term plans are sold the same as MP SITerm plsns. Typically a big difference in price.

I've been in this business since 2003...the last Decreasing Term I have seen which was about 12 years ago didn't have much of a price difference as a non-med term. Why would you want DT? If you go fully underwritten term then it really doesn't make any sense.

 

[rousemark]

Mortgage insurance? Are you talking about mortgage insurance that lenders want you to pay for in case you default on the mortgage or mortgage insurance that pays off the loan when the borrower dies?

If the latter there are probably hundreds, maybe thousands, of life insurance companies that sell a level premium decreasing term policy where the death benefit decreases along with the balance of the loan.

Jack, you must be living in the dark ages. I have not seen a decreasing term policy since the last donsaur walked the earth. Almost all term companies write a level premium level term now. Actually works out better for the client. If they have a 30 year level term for the amount of the mortgage and dies soon afterwards the family has the money to pay off the loan. I'd they die 20 years later, the family has enough to pay off the mortgage plus a tidy little sum to pay other expenses.

 

[rousemark]

Did not notice this thread is two years old..

 

[WinoBlues]

Can someone explain what the advantages of the Americo HMS Term type term policy in the mortgage term market?

 

[selfgen]

I’m new to this particular forum . What is a “mom” policy?