Financial Information
Is selling mortgage protection insurance a good job?
Question : Is selling mortgage protection insurance a good job?
I have been offered a job selling mortgage protection insurance. All sales leads are pre-generated and there is no “cold calling.”
Of course, like any sales job, the company has assured me that I can earn a six-figure income within the first year; but I don’t know what to believe.
Anybody know anything about this industry?
Is this a waste of time?
insurance sales leads
Best answer:
Answer by Judy
So what will you be selling?
Insurance in case someone dies they home will still be paid off?
You could make a nice living on that.
Just be careful with the smart people.
They know that term life insurance is the better option.
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#2 written by mbrcatz 1 year ago
1 in 100,000 people will earn six figures the first year. 95% won’t earn enough to cover the cost of their licensing fees. You’d be putting in 60 – 80 hour workweeks, and if you DO no cold calling, you will NOT even earn five figures.
Can you sell? If you can’t sell, this is a waste of time. Do you have TIME to put into it? If you’re not willing/able to work at least 60 hours a week the first 4 – 5 years, this is a waste of time.
Worse, that’s ONE PRODUCT. Kinda like, selling cars, but you only sell RED cars. Very limited.
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#3 written by rcdrury 1 year ago
It depends on whether or not mortgage protection is the only thing you’re allowed to sell. Mortgage protection is a great door opener. People are not very open to discussing life insurance out of the blue, but a discussion of their mortgage payment disappearing is an effective way to get them thinking.
As usual, when life insurance is involved, always ignore Judy. Her post here illustrates perfectly. She apparently hadn’t even heard of mortgage protection, and yet she jumps right in! Mortgage protection is nothing more than a decreasing term policy designed to maintain a death benefit sufficient to pay off one’s mortgage in the event of death. Generally, if there is any other survivorship need, the mortgage payoff should simply be rolled into the calculation for a more traditional product. Mortgage protection coverage does, however, have a couple of strong advantages. Many products are guaranteed or simplified issue, so they’re easier to get approved; and most can be purchased on a joint “first-to-die” basis, meaning that the death benefit is paid if either spouse or co-owner dies, saving substantial policy expense by buying one policy versus two.
And finally, “smart people” [ref Judy's post] know that term is not always the best or most cost efficient option. Every life insurance product in existence is more appropriate than any other for a given individual in a particular situation. Hopefully, you’ll have the freedom to sell only the best solution for each client’s need.
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#5 written by dic 1 year ago
mortgage protection insurance is a product most homeowners do not want. if this job ‘offer’ came out of the blue (probably after putting a resume up on monster) and requires no real skill or knowledge, i would be suspicious of a 100k+ potential unless you are the king of networking and pitching crummy products. more than likely its some legal pyramid scheme where whomever ‘offered’ you this position earns a percentage of your commission and an even smaller percentage of the commission of people you recruit (from which you would earn commission as well)
i could be wrong as i dont know the actual companies name – but ive been contacted several times from companies selling various forms of insurance and health insurance policies that is modeled this way. aka a big scam that preys on the ignorance of the public and does not provide an appreciable service or product of any kind
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firstly, do you have the paper qualifications to sell insurance products? if you have, then, it depends on the product that you are allowed to sell. like what others had posted, if you are only selling decreasing term, which is specially designed for mortgage protection, then i am doubtful. i don’t sell that to my clients. i sell level term. the only advantage i see is the pre-generated leads, assuming they are quality leads, eg, they work with property agents. if you do not have the paper qualification, i am doubtful it is even legal for you to do so.