Presenting Full / Partial Mortgage Payoff
Watch the video below on how to present a full mortgage (or partial mortgage payoff) option to a client. Unlike what most agents and or people think, “Mortgage Protection” doesn’t necessarily mean “Mortgage Payoff.” We are in essence protecting their loved ones that they leave behind by easing the financial burden of the other spouse or parents lost income, allowing life to go on as smoothly as possible and keeping the family in the home. In most cases protecting the entire mortgage for each spouse doesn’t necessarily make sense financially and we are able to put numbers together to pay a portion of the mortgage and or “their” portion based on the household income. Each family and situation is unique, so it is our job to find what works for that client, make is affordable, and then determine what value they see in the coverage for them and their family. In this video, we illustrate using the American-Amicable Home Certainty (Home Protector is the old name), but the concept will be the same with most of the mortgage protection products. Once you’ve watched the video, listen to the audio next to it on how to get an 80% close ratio when presenting this concept.
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Presenting Full Mortgage Payoff
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Getting a 80% Close Ratio in the home
Mortgage Protection
In Home Script
Presenting Critical Period Coverage/Mortgage Payment Protection
Critical Period Coverage or what we refer to as Mortgage Payment Protection (MPP), is designed to cover the mortgage payments for a set period of time following a death. This usually ranges from approx 6 months – 2 years, depending on the client’s age and health. This provides the spouse, children, & or families, the necessary time to put a plan together and to make logical decisions vs emotional ones. Keep in mind that “Critical Period Coverage” is not a product, but a concept. You are typically using Whole Life products (UHL Premier, Trans America Immediate Solutions, Americo Eagle Premier, Am Am Dignity Solutions etc) and the face amount is determined by how many mortgage payments they would like to be paid on their behalf at the time of a death. For example, if a client had a mortgage payment of $1,000, you could show options for 12 months, 18 months & 24 months of mortgage payments being made on their behalf by simply taking the monthly mortgage payment and X’s it by 12, 18, & 24 and running the quotes for those face amounts . Watch the video below and listen to the audio beside it to learn more.
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Critical Period Coverage
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Critical Period Coverage Concepts
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127:26“Matt and Brad on Critical Period Coverage”.
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216:52“Critical period coverage Brad and Nate”.
Critical Period
In Home Script
Presenting Cash Accumulation & Growth
Cash Accumulation and Growth is most commonly associated with what is referred to as an Indexed Universal Life Product or IUL as known in the industry. This concept is best suited for younger clients or even children, who can use the cash growth & accumulation to borrow from in case of unemployment a short-term job loss due to a disability, payoff a portion or the whole amount of their mortgage early, returns of premiums with an index rate usually ranging from a guaranteed 0%-12%, attached to the S&P 500, help children pay for college, meet unexpected emergencies or even supplement their retirement with an additional income stream. This is a Flexible Premium Permanent Policy with the upside earning potentials of being in the market without actually having any of your money at risk. Living benefits Terminal illness, Chronic illness, Critical Illness, & Critical Injury are included with the policy at no additional cost. As your client’s needs change throughout their lives, so can their death benefit and or premium which can adjust up to 1 million dollars with simplified underwriting, without the need for blood or fluids or medical exam. Death benefit options, face amount options, and even premiums are ALL flexible and adjustable throughout the policy life up to age 120, hence the name FlexLife II.
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Cash Accumulation & Growth – Brad Smith
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Presenting as Mortgage Protetion
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Payoff The Mortgage Early – Nate Auffort
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Cash Accumulation
Presentation Materials
Presenting Final Expense
Final expense insurance is an insurance policy used to pay for funeral services and a burial when the named insured dies. Such a policy helps ease the financial burden placed on a family when a loved one dies. Final expense insurance allows the named insured to feel safe knowing that funeral-related expenses are covered regardless of the statutes of their estate at the time of death