Gordon Marketing - Insurance Broker FMO IMO VMO



How to Sell Mortgage Protection Insuranceand…Make Money Doing It!Preface:In an effort to assist agents in reaching their utmost potential in the life insurance industry, Gordon Marketing has developed a highly successful Mortgage Protection Program. In following the program set forth in thesepages our agents earn better than average incomes in a rewarding career, while meeting the unmet needs of thousands of families across the United States.ThisAgent Field Guide was created to provide insuranceagents with insights, knowledge and implementable techniques that greatly enhance their ability to achieve financial success in the Mortgage Protection Business. The accumulation of these resources is the result of consultation with industry and carrier experts, as well as,years of firsthand sales experience.Follow these instructions and expect to be successful!Table of ContentsChapter 1: So You Want to Sell Mortgage Protection Insurance Chapter 2: Getting Started in the Mortgage Protection Industry Chapter 3: What You Need to Achieve SuccessChapter 4: Where to Find the Most Promising Leads Chapter 5: Scripts – What to Say to Get the Appointment Chapter 6: The Sales ProcessChapter 7: The Secrets to Closing More Sales Chapter 8: Overcoming Common Objections Chapter 9: Activity, Sales, and Income Tracking Chapter 10: Product Information & Definitions Chapter 11: What to do if you’re in a Sales Slump Chapter 12: Additional Sources of Sales TrainingChapter 1: So You Want to Sell Mortgage Protection InsuranceIn its simplest form mortgage protection insurance is a life insurance policy that will provide funds to pay the remaining balance owed on your client’s home in the event of a death of the homeowner(s). The benefit can cover the outstanding principle balance owed on the primary mortgage, or a stated dollar amount (perhaps in excess of the principalbalance), or can even provide funds to cover the principal, interest, taxes and insurance payment monthly. All of these funds are paid to the primary named beneficiary at the death of the insured. For thosefamilies dependent on two incomes, or more importantly, where there is one primary breadwinner, mortgage protection insurance provides thepiece-of-mind that in the event of a death, the family will not be left withthe burden of paying a mortgage they may no longer be able to afford.Today’s products can even provide “living benefits” for the primary insured that would make sure the mortgage can be paid in the event of a disability or a critical illness such as a heart attack, cancer or stroke.Mortgage protection insurance offers an economical benefit for hundreds-of thousands of families across the U.S. as it is typically sold in the form of guaranteed level term insurance. Coverage period can be as short as 10 years and as long as 30 years. It is important that consumers don’t confuse this type of coverage with MIP (mortgage insurance premium) they may be required to pay as part of their FHA loan. MIP provides protection for the lender, not the borrower’s family.Selling mortgage protection insurance requires an agent to be knowledgeable about the complexities and the misconceptions associated with this product and act not just as a salesman, but as an educator and counselor. Armed with the Gordon Marketing support/mentoring system, education and training, a fair degree of salesacumen, and a high degree of motivation… agents can expect to earn topcommissions and a system to earn a better than average living for years to come.Chapter 2: Getting Started in the Mortgage Protection IndustryBefore you can begin making money selling mortgage protection insurance you will need to obtain a license, purchase errors and omissions insurance and contract yourself as a selling agent with a carrier that has a competitive product designed for this market.Anyone who wishes to sell mortgage protection insurance must obtain a life and health license to sell insurance in his or her state of residence. To get your license will need to pass an exam showing that youunderstand the laws and regulations surrounding the sale and solicitation of insurance products. You will also need to obtain errors and omissionsinsurance, which is commonly referred to as E&O. E&O is professional liability insurance that protects you, the agent, in the event that a client suffers a financial loss as a result of your mistake or misstatement, suchas a failure to disclose pertinent policy information, either intentionally or unintentionally. Gordon Marketing can provide this coverage easily and at a premium far less than you may be able to obtain through othersources.Finally, you will need to contract yourself as an agent and/or agency with the carrier you wish to sell that has a product that is specifically designed for this market, has the policy features that meet your clients needs, is easy to explain, and easy to place in force. Intimately familiarizing yourself with your product of choice and its features, proper selling procedures, and requirements for placing coverage in force is critical to your success.Chapter 3: What You Need to Achieve SuccessSelling insurance and the mortgage protection business is a competitive arena. However, success is not as difficult to achieve, as it might seem when you have a partner providing assistance. Two factors that will have the biggest impact on your success or failure are:1) The support system provided by Gordon Marketing, and2) Your attitude3) A willingness to follow a planThe Building Blocks Creating Your Foundation for SuccessGordon Marketing provides its agents with the complete resources, tools, training, and support they need to achieve financial success.Agents are provided with:? Licensing and contracting assistance? Comprehensive sales training and on-going mentoring? A full suite of sales support materials? Back office underwriting support and new business processing? An experienced and accessible mortgage protection program manager? A competitive portfolio of carriers and products? An exclusive lead program? Highly competitive compensation structure paid dailyIn addition to the above, at Gordon Marketing, we reward our top producers with:? Recruiting and agency building opportunities? Bonus and financial incentives? Regularly offered performance sales awards? All expenses paid annual convention to tropical location for twoGetting in the Right Frame of MindEven agents who have been given the best tools for success can find themselves failing in the insurance sales field if they are not in the right frame of mind. Selling mortgage protection insurance is not for everyone. Those individuals who typically do well are:? Self-motivated? Coachable? High energy? Goal oriented? Personable? Dress for success? Comfortable setting appointments on the phone? At ease speaking with individuals and groups of people? Meeting clients in their homes? Able to learn quickly? Being comfortable asking for the sale/closing skillsIf these qualities mirror you, your skills and abilities… Then the mortgage protection business is quite likely a good fit for you.Chapter 4: Where to Find the Most Promising LeadsIn today’s technologically advanced world, getting in front of prospect can be difficult if you are unfamiliar with the tools and techniques to effectively gain your prospects time and attention. There are no shortages of companies willing to sell you electronic lists of prospects that have recently purchased homes or taken out a mortgage. However, unless you know how to properly approach them, you are best advised tostay away from these types of services regardless of the promises made. Gordon Marketing can provide the knowledge and assistance in formulating a plan of action that works and will generate a consistent flow of viable prospects. Weather you have more time to invest than money, or more money than time, this plan will work for you.Referrals and Your Natural MarketThe least expensive method of prospecting in the mortgage protection market is within your own natural market and referrals. Your natural market is people you know… your friends, family, and people you do business with. People who know you, are quite likely unfamiliar with this type of plan and willing to learn from someone they’re familiar with. If your prospect is familiar with you, likes you, and trusts you… they are very likely to buy from you. In addition, many prospects may have recently moved and or refinanced their mortgage and/or know someone that has. If you simply ask and exercise the proper techniques in doing so, referrals within your natural market are much easier to obtain than you might think. Gordon Marketing provides tools and thorough training in the effective techniques of generating referrals.Centers of InfluenceAnother cost-free method of generating prospects is through cultivating centers of influence. Centers of influence are professionals and business people that come in contact regularly with prospective clients you want to meet. Examples are mortgage brokers, real estate agents, attorneys, CPA’s, builders, etc. Effectively seeking these individuals out, and creating financially rewarding and positive reciprocal relationships can be very profitable. You can find them easily by simply reading your local newspaper, attending chambers of commerce and business networking meetings, and simply asking for referrals from people you know. Remember that they will be most likely to help you if the relationship is mutually beneficial. So, be sure to be prepared to provide referrals to them.Cold CallingWhile aggressively telemarketing or cold calling a list of leads is a marketing technique that many insurance agencies encourage, this type of technique is intrusive, inefficient, time-consuming and ultimately ineffective. Some insurance agents who have the right personality-type can close sales with cold calling, but this type of prospecting is often emotionally draining and requires much more effort to achieve success.Pre-Approach ProspectingA much more effective way of generating prospects utilizing lists of mortgage leads, is by a technique of pre-approach letters. Pre-approach letters are correspondence that briefly introduces the agent to the prospect and generates interest. By describing the mortgage protection value proposition in a memorable fashion and making the letter itself memorable, gaining access to the home is often easier. Nuances in the manner that envelopes are addressed, type of postage, the paper that is used, as well as, the language employed will increase the letter’s receptiveness. When the agent calls and references the letter a basis for the conversation and appointment setting has already been made.Details on how to effectively utilize pre-approach letters and a sample are attached as an addendum to this agent guide.Direct MailWhile this method of lead generation can require the most monetary investment by an agent. At Gordon Marketing we have found that the most effective and efficient means of cultivating leads. Results agents seek will often be generated faster and more efficiently through direct mail marketing. Direct mail marketing is time tested and produces the highest quality leads in comparison to other lead generation techniques.By completing and mailing back a direct mail marketing response card, prospects are actively confirming their interest in obtaining mortgage protection insurance. The leads arrive already warm, with a confirmed interest in the product and the prospects are expecting a call to set an appointment.Chapter 5. Scripts – What to Say to Get the AppointmentBelow are samples of mortgage protection program phone call scripts that have been used successfully. Scripts are not meant to be read by the agent during your phone calling activity. Rather, they are meant to be a guide in identifying what should be said while attempting to obtain an appointment. You will develop your own dialogue that fits your way of speaking and that’s most comfortable for you.Sample #1 - Basic Mortgage Lead Phone Script“Hello. This iswith15290800004048125000the Mortgage Protection Center. I am getting back to you about therequest you sent into us on your loan with. It’s4373245000about mortgage life and disability coverage. The reason I’m calling is I’m the person that can show you how this coverage works and my company has assigned me to your area next week. I’m calling to find out what day and time works best for you and your spouse, is the morning afternoons or evenings better for you? If evenings are better, I have availability at 5:30 or 8:00, which would work best?Is that the samefor both of you? Great, I will put you down forpm, could you475107000091440046672500550037046672500please get something to write on, please write down my name with the Mortgage Protection Center,day of theweek. I have your address at 1235 Willow St. Newberry, MI is that correct? Ok_ I will see you on Thursday at 7:30.”Hellomy name is14166850004463415000With the Mortgage Protection Center. I’m checking on mailed responses we received recently for our protection program. Do you mind if I ask you a few questions? (Wait for the to respond) Sometime in the last (age of lead) you had taken out a new home loan or a refinance is that correct? Well, shortly after that you filled out a form requesting a mortgage protection program that in the event that you should pass away, become disabled, or develop a severe illness, your mortgage payment would be made or your home would be paid for. Do you remember sending this to us? (If they say no see below)* We have no record that this has been taken care of, do you recall if anyone called you about this? (If they say yes, find out what happened, did they takeout a plan) If they say no then say, are you still concerned about this? Wait for a response… Well let me apologize on behalf of our company, we simply do not have enough representatives to cover all of the requests and territories in a timely fashion. I have been assigned to91440022860000County and I have been given a stack of these response cards to take care of and I am going to be in your area on(pick two days). What time of day works best for you and is themorning, afternoons or evenings better. Now when you say evenings are you saying closer to 5:30 or 8:00. Is that the same for both of you? Great, I will put you down for 7:30pm, could you please get somethingto write on, please write down my namewith the4203700000Mortgage Protection Center, 7:30 Thursday evening. Now I have your address at 1235 willow St. Newberry, MI is that correct?125285522987000Ok_what time did we say on Thursday? I will see you onThursday at 7:30Hello (First Name)? (First Name) This isfrom the Mortgage Protection Center. I am2606675-508000getting back to you about a recent mortgage protection letter that was mailed to your address of 1369 Evergreen Ave. (First Name) we have norecord of this form getting mailed back to our office. My job here in91440022860000(County) is to get this information to you. Is protecting your family from the loss of income due to death or disability or a severeillness a concern for you? What time of the day is best for you and your spouse? Evenings or mornings? Ok is your house number on your house or mailbox? Do you or your spouse have any health issues I’m not aware of? The key to success here is TONALITY. Lower your tone and soundauthoritative yet not excited to be doing this “service”.The Do’s & Don’ts? Setting Appointments:? Your only goal is to set the appointment as quickly as possible.? Don’t ask many questions or get into other topics.? Try to get them to remember sending back the response card or receiving the letter.? Use “Mortgage Protection Center” not the name of your agency.? No matter what question they ask, just answer… “We’ll go overthat when we meet and all you’re other questions.? Always ask… which is better 6:00 or 7:00?? Make your appointments sooner rather than later and the next day if possible, try not to schedule more than 48 hours out.? Try to get a minimum of 3 appointments an evening? Set on the hour starting at 4PM, ex: 4:00; 6:00; 8:00 PM.? If you’re going to be more than 15 minutes late, call if you can.? If you set your first appointment at, say, 6:00; then offer the next person either 4:00 or 8:00; and so on.Chapter 6. The Sales ProcessThe secret to selling is to be passionate and lead your clients to a buying decision. Explaining mortgage protection coverage should be exciting and sound like the “best kept secret” in the entire insurance industry. Make purchasing coverage and qualifying for a policy a priority with your clients and make sure they’re committed to the process.Presenting Mortgage Protection to prospects with the GordonMarketing power point presentation:THE APPROACH:? Walk with confidence and remember, “The client requested your expertise and they want you to help them.? Wave while walking up to the house (as if you saw them peeking through their window – gets them to open their door)? First impressions are huge!!! Smile be polite and confident.? Ask the client if you should take off your shoes.? After saying hello, ask if you can go to the kitchen table, be insistent.? Make sure you have the husband and wife sitting beside each other.? Never sit down first.? Make truthful compliments.? Slide a copy of the letter (card) they sent back and tell them“here’s a copy of the letter you sent back to us.”? Give them both a few seconds to look at it and acknowledge that it’s their handwriting and spark whatever prompted them to send the letter back.? Remember, for those who will buy, the buying decision, was made when they sent the letter back.ABOUT ME:? This is where you build rapport.? Smile and be likable. The client “does not care how much you know, until they know how much you care.”? Ask the client where are they from?? How long have the spouses been married?? Where did they meet?? What they do for a living?? Find common ground with the client. It’s not an interrogation – you share stuff about you (like when you go on a date with someone new)? Be passionate and caring. Look the client in the eye. Mimic the client’s body posture. Do not mimic the client’s facial expression.? Towards the end talk a little about yourself and “How you protect families for a living”.PICTURES & LICENSE:? These are pictures of you with your family and friends.? Provide your educational and professional history? Add a copy of your license… this will add credibility.THE COMPANIES I REPRESENT:? This is where you explain that you are an independent financial advisor representing one of the best carriers specializing in themortgage protection arena. You are simply a go-between themajor carrier and the client. If necessary, we have multiple companies that we can do shop if coverage or medical issues necessitate that.? Your carrier is reputable and highly rated with thousands of clients and over 100 of years in existence.? The companies we represent have strong financial standings.? We are here to see if what we have is a good fit for you and your family.WHAT IF?? This is where we ask the client questions about what would happen if they or their spouse were to pass away.? Ask about options that are thought provoking concerning what would happen in the event of one of their deaths.? Ask them good field underwriting questions. This should give you a good idea what they qualify for.? The following are sample questions that can be used.o Ask the client why they sent this form in, and what their main concern for sending the form in was.o Congratulate the client if they inquired to protect their familyor spouse’s finances.o You must get the emotions going – find their pain because you will be the one to solve it. People buy on emotion and justify by logic.o Discover what was most important to the client. Their “HotButton”.o Ask where the client family would go If the bank foreclosed on their property?o This is a guide of options that you can say to get the client thinking of what would happen in the event of one’s death. Stay here for quite some time and try to draw emotion. Ask similar questions regarding the possibility of disability andcritical illness (cancer, stroke, heart attack, etc.)WHAT IS MORTGAGE PROTECTION INSURANCE?? Assume the Sale, the buying decision was made when they sent theletter back in. Ask them this question, “What are you trying to accomplish?”? Explain the concept of mortgage protection.WHAT HAPPENS NEXT?? This is where you briefly tell the client the process of completing the application.? You get their commitment to follow “your” process and “not” their“think about it” process.? You close the appointment here based on how well you created the bond and rapport, and how well you found their pain, their need, and their emotion.? As you progress ask more yes questions here. For example,“Would you or your family benefit from this”? Followed by another yes question. Would you sleep better at night knowing you or your family is protected?? Make sure you get no less than a “yes” when you ask them the“sounds good?” question.? If they are wishy-washy with a “maybe”, or “let’s see what you got”, or “let’s check the rates first” – you have to find out why they are saying that instead of “yes”.? Answer objections at least 3 times, if a buying decision has not been made, then go on to the next appointment and follow up later.A LITTLE ABOUT YOU:? This is where you add the client information about their finances, mortgage, savings, family, and current policies. Make sure you getthe client to pull out their current policy. Not having this is thesame as sitting without a spouse.? Take notes, you do not have to fill in every blank.? What do you currently have in place? Review and see what we can improve.? Look to one spouse and ask what would you do if this were to happen? Look to the other spouse and ask the same question.? The key here is making sure they medically qualify for thesimplified issue term product. If they don’t, then you show them your quotes for the final expense product and gear the quotes toward Mortgage Payment Protection.QUOTE:? Don’t spend more than 30 minutes in the home without beginningthe applications.? Small talk while you calculate prices for each of them, but quote the total figure for both of them.? Run three quotes for the prospect and their spouse. Your objective is to give them three ranges of pricing. The first quote should befor coverage with all the ancillary benefits they have an interest in. The second quote may be for similar coverage but for a shorterduration reducing the price substantially, and the third quote might be for their mortgage payment only.? If you need help call your up line or contact the carriers for information.? Ask the client “if they were approved today, what benefits would be most valued by them today.”? If the client is too old to provide affordable coverage for the entire mortgage amount, you may need to provide coverage for thepayment only. If this is still outside the client’s budget, you mayneed to look at a small face amount final expense or guaranteed issue policy.PERSISTENCY TAKE AWAY? This is where you give the client one last chance to change anything the client may not like about the policy.? If something happened to your car or other un-expected cost occurred, would you be able to continue these payments?? This re-enforces the client isn’t being sold. You are asking questions to mitigate the possibility of buyer’s remorse. Br honestand frank, ask… if you’re prospect feels that the premium might betoo high for them. If it is, better to adjust the coverage now, than after you leave.? In most instances, clients will say they are happy with what was has been discussed and put in place.? If you do get an objection find out what it is.? If it’s a price objection. Fix the price and proceed.? Even if the client hesitates a little, you should probably bring the price down.Chapter 7: The Secrets to Closing More SalesAs a mortgage protection insurance agent, you are in a sales career that offers multiple ways to grow your business relatively inexpensively. While not every lead may convert to a sale, there are several steps you can take to increase your chances of success.Introduce Yourself ProperlyProspects will determine if they will buy from you within the first five minutes. It’s critically important that within those first few minutes you introduce yourself in such a way that the client knows you are honest, likeable and trustworthy. Fortunately, most people think the best of others if they present themselves professionally. In your introduction let the client know right up front how you do business and that your clients have found you to be a valuable resource in protecting their families. Assure them that you always conduct yourself in the utmost professional fashion and only make recommendations to clients that you believe arein their best interest. When delivered with honesty and sincerity…prospects will believe you and be properly prepared for the purchase of insurance.Listen More, Talk LessAs tempting as it is to sit down and begin explaining all the benefits of the insurance policy and how it works, the best thing you can do is listen and let the prospect tell you what their motivation is. Instead of pitchingyour product, sit down and ask the person you are speaking with why they allowed you into their home to discuss mortgage protection coverage. Ask questions about their family and their concerns for the future, and let them tell you what it is that is motivating them. Your role is to be an insurance consultant, not just insurance salesman.Don’t Sell Products, Provide SolutionsInstead of jumping into a sales pitch about all the great features your product offers, explain to the prospect how what you are offering can help solve a problem they currently have, or the potential concerns their family may face. People are much more likely to purchase products that resolve problems and provide them with peace of mind. You will only be able to do this successfully if you understand the families’ needs and have followed rule number one: Listen More, Talk Less.Highlight Benefits over FeaturesRather than focusing on the technical aspects of an insurance policy (although you do want to be sure the client clearly understands the policy prior to the purchase), first highlight how having mortgage protection insurance will help them in terms they can relate to. Forexample, explain how the policy will help prevent their surviving family from having to sell their home or possibly file for bankruptcy in theevent of a death, disability, or critical illness. Be sure to keep the lead and their needs at the center of the conversation when discussing the benefits. It’s always best to make a sales presentation with both spousespresent so as to gauge what motivates each and eliminate possible objections to the sale. A discussion of policy features alone willgenerally not properly position a sale.Leave Something to Remember You ByMost mortgage protection sales, especially if generated by a lead, can be a one appointment close. Gordon Marketing has created a presentationand script that is easy to learn and recite. It provides a sales track that will generally lead the client to a buying decision on the spot. Be sure to advise your clients that the application process is fast and easy and they are not obligated to accept coverage that is offered by the carrier. However, while polices are offered to the vast majority of applicants, not everyone qualifies and they should allow you to see if they are eligible. Occasionally prospects will need to weigh their options and put more thought into their final decision. Be sure you are prepared with specific company and product literature that you can leave behind and a business card to so that may call you with questions. Advice them that you will follow up buy phone and that if they choose to purchase the coverageyou can complete the application remotely.Set Goals and DeadlinesSetting specific and attainable goals is the key to a successful and financially rewarding insurance carrier. First determine the end results you seek and then identify the specific activities that will generate those results. How much income you earn will be directly proportionate to the number of phone call you make, appointments you set, people you see, and sales you close. If you want to earn more income… increase all of the above. Be sure your goals are realistic and recognize that as your knowledge grows and your skills improve your sales will reflect that and a higher income will result. Even if you only close half of your appointments initially, practice and hone your craft consistently and you will see incremental improvement. Goals are much more achievable if you create an atmosphere and mindset of success.Ask for ReferralsDon’t be afraid to ask for referrals. As discussed previously… referrals are the lifeblood of any successful insurance agent. Word-of mouth is the most viable, and free, lead-generating tool. But… you have to ask.Learn Something New Each DayDevote some time each day to improving your sales and marketing knowledge. Read a book, attend a webinar or listen to a sales CD. Try to learn something new about your field, your product or sales techniques. If you’re not growing in your profession you will stagnate and your income will suffer.Associate with Successful ProfessionalsSurround yourself with successful, positive people. If people who are meeting their goals surround you, it will help motivate you to achieve your own objectives. Talk to other mortgage protection sales professionals at Gordon Marketing about what does and does not work, and ask about their experiences when they were in your shoes. You’ll find plenty of people willing to help you be the best you can be.Love what You DoIn order to be truly successful, you have to love selling insurance and believe in the product you are selling. People who enjoy what they do experience less stress, earn higher than average incomes, and enjoy a higher quality of life.Chapter 8. Overcoming Common ObjectionsSome prospects, for whatever reason, may not be prepared to make a purchase when you ask them to buy. Your job is to diffuse there objection. First understand that if you’ve done your job properly through the presentation process… the client should be ready to applyfor coverage and you may not even have to ask for the sale. However, if the client does have an objection, you must be prepared and practiced inresponding if you want to achieve a high closing rate. Below are the most common objections and your responses in overcoming them:“I can’t afford it”… I’m glad you brought that up. It’s not your money that qualifies you, it’s your good health, and many other people would pay a lot more for the same coverage if they could qualify. Today you have a choice but you don’t know how long you will have the ability to choose to purchase this coverage. Wouldn’t you agree? Which one of these best fits you?“Shopping close”... If they say they are interested but they need some time to shop your prices and ask you to call them back in a few days, pause, then ask them if they have ever purchased car insurance, when they say yes ask them what they did with their current policy while they were shopping for a new one (they will say that they kept it in place) ask them why the kept in place. (They’ll say because they didn’t want to be without protection while they were looking) don’t say another word and let that sink in, they will close themselves.“I want to check with another agent”… When they use this one, pause, then ask them why are you shopping your old agent, brother in law, friend? (When they say well I’m not really shopping him I just want to see what he has) ask them, if there is there a reason they didn’t go to them first? (If they say we just wanted to see what else is out there) mention that this product is specifically designed for Mortgageprotection and not widely available to most agents. They may spend a great deal of wasted time doing such research, why not make sure theirfamily is covered while making those inquiries.“We want to think about it”... When they say this, come back withthis, “Joe and Mary, you should think about it, but while you’re thinking about it… allow the insurance company to think about you as well –whether or not you qualify for this is really up to them”.There aretypically only two reasons someone says they want to think about it: 1)they don’t know if they can afford it or 2) they don’t understand the product. As far as being able to afford it, you are the one that picks the price, I can customize the product to fit your needs, what you can afford– fair enough? In addition, if I have failed to fully describe how the product works, what specific features did you not understand? (Be sureto cover the benefits again and identify their “why” – their pain or motivation that they articulated in the conversation earlier).Chapter 9. Activity, Sales and Income TrackingThe best way to insure that you sell enough to maintain your standard of living and that your sales steadily increase is to closely record and evaluate your sales metrics. For example, how much commissions are you generating per sale?Unfortunately, most agents are unable to answer that simple question. As a result, they can't increase their income, because knowing your metrics is critical to sales growth. Once you know your metrics, you can methodically improve them. Sales subsequently skyrocket and you suddenly find yourself achieving your sales goals and making more income than you thought was possible.Here are the six most important sales metrics you should track and focus your efforts on improving every day:1. Total sales by time period. The first metric to track is your sales on a regular and timely basis. For example, what are your sales this week vs last week or month? More precisely, you should to track your sales by day and week. By tracking sales by time period, you know exactly how well you're performing. You know if your sales are up versus the priorperiod, be it the prior day, week, month, quarter or year. And if sales aren't up each period, you know you have work to do.2. Sales by product or service. The next metric to assess is your sales by product specifics. In other words, how many mortgage term cases were sold on a 10, 15, 20, or 30 year chassis? How many cases were sold simply covering the mortgage payment? Which ones were soldwith the return of premium benefit? This tells you exactly what's selling and what's not. Armed with this information, the most effective and simple way to grow your income is to focus on improving your sills in demonstrating the value of the coverage that will increase your income. For example… demonstrating the value to the “cash back option”.3. Sales by lead source. A famous quote by former department store owner John Wanamaker: "Half the money I spend on advertising is wasted; the trouble is I don't know which half." The key in our business is to recognize what lead generation methods are most productive bothin time and money. Focus your attention on activates and methods that produce the most sales, and to stop wasting money or time on lead sources that don't. By tracking the lead sources for your sales, you can optimize productivity and income. Also, when formerly good lead sources slow down, you can spot that immediately and fix the problem. For example, if you sell a policy to every referral from a particular center of influence, clearly more time and/or money should be devoted to cultivating that center of influence or finding other just like them.4. Revenue per sale. The easiest way to increase sales and income for most agents is to increase the average premium per sale. In fact, it's said that McDonald's doubled its profits when it started asking, "Would you like fries with that?" And then doubled profits again when it asked,"Would you like to supersize that?" Each of these questions dramatically increase the average revenue per sale. And once again, if you don't track this metric, you can't possibly improve it over time. Therefore, monitor how often you’re able to close a sale when you ask if they’d like to cover their mortgage payment if they became disabled or suffered a critical illness. Your sales and income are quite likely to increase.5. New vs. returning customer sales. What percentage of your sales are coming from new customers versus returning customers? What percentage of your sales are coming from new leads vs. old/stale leads. A good agent cultivates business from: an ongoing supply of new leads, existing clients, and old leads. Getting clients to buy from you again, and increasing client lifetime value, can dramatically improve sales and profits. But you never know if your marketing to existing clients or old leads (such as emailing them regularly) is working unless you measure these results.6. Sales per prior activity. The final sales metric to track is sales per prior activity such as phone call or appointment. Prior activities arethose actions taken just before the prior action or sale. For example, how many phone calls are required to schedule one appointment and how many appointments are required that results in one sale. Tracking this activity allows you to find the root of sales success or failure. For example, if sales decreased, you might find it was the results of a decrease in your call activity or number of kept appointments. By changing your phone script or your sales approach in the client’s home, you might be able to immediately resolve any performance issues.Most agents recognize that sales is a numbers game. If you talk to more prospects and see more people, etc., you'll close more sales. That's true. Tracking the results of each of these efforts will allow you to see what's working so you can do more of it. You also identify what's not working, and can fix it right away. Start tracking your sales metrics, and yoursales should steadily start to climb.Attached to this agent guide is a spreadsheet for tracking your activity on a daily basis. A copy in excel can be provided upon request.Chapter 10. Product Information & DefinitionsGordon Marketing has researched the market and found the mortgage protection product(s) that are most effectively sold in this arena. They provide the most comprehensive features and benefits, from highly rated carriers, and enable the agent to sell them easily with a high placement ratio. Easy to sell products that prospects understand while providing an exceptional commission rate is a recipe for insurance sales success.Some of the main benefits, product features, and their definitions are below:? Mortgage Protection Coverage in General - These policies are most typically sold on a term chassis with face amounts ranging from $50,000 to $400,000 and with term durations form 10 years to 30 years. Coverage can also be provided to simply insure the mortgage payment.? Accidental Death Benefit Rider- Often added automatically with no additional cost, this benefit frequently provides an additional25% to the death benefit should the covered person die accidentally. If the death occurs while the covered person is a farepaying passenger on a common carrier the death benefit is increased by 50%? Cash Back Option - This guarantees that the cash value at the end of the guaranteed level premium paying period will equal 100% of premium paid on the base policy. This money is refunded to owner of policy at end of the level premium paying period.? Income Term Rider - The Income Term Rider provides a death benefit paid in monthly payments until the end of the Monthly Income Death Benefit period. The monthly income periods are available for 15, 20, 25, and 30 years or to age 70.? Disability Income Rider - The Disability Income Rider allows the covered person and the additional insured (spouse) to receive monthly benefit payments in the event of a total disability. Benefit payments are for up to 2 years after the 90 day waiting period ends.? Critical Illness Accelerated Benefit Rider – typically up to 50% of the death benefit will be advanced upon the diagnosis of a qualifying event. Often the qualifying events are:o Life threatening cancero Heart Attacko Strokeo Renal Failureo Major Organ transplanto Paralysis? Waiver of Premium for Disability Rider - This rider provides that the total premium (including premiums for riders) will be waived if the base insured becomes totally disabled. (In most cases an insured cannot have this and Critical Illness Rider in effect on same policy)? Involuntary Unemployment Waiver of Premium Rider - There is frequently no charge for this rider and it is automatically addedwhen the Waiver of Premium for Disability is selected. This rider waives up to six months of the premium for the period of the insureds continuous unemployment. Maximum of $500 per month, can be used once every 5 years.? Children’s Term Rider - This rider provides level term life insurance on any child, stepchild, or legally adopted child of the insured named in the application, provided the child is 18 years of age or younger on the date of the application. After the date of the application the rider will include any child born to the Insured or legally adopted by the insured. The Children’s Term Rider is issued in units of $1,000. Often the maximum number of units available is 15. Coverage on each child terminates on the child’s25th birthday or the coverage anniversary following the baseinsured’s 65th birthday whichever comes first. If the insured dies while this rider is in force the level term life insurance on each child becomes fully paid up term insurance? Additional Insured Term Insurance Rider - This rider provides term life coverage for the spouse of the base insured. Rates are guaranteed level for the full period or for five years. The minimum amount of coverage is often $25,000 and cannot exceed the face amount of the base coverage.Chapter 11. What to do if… If You’re Stuck in a Sales SlumpWhile working in the mortgage protection insurance business, you will likely have those days, weeks, or even months, where you feel like no matter what you do, you just can’t make the sale. You are not alone. Even the most successful insurance agents and agency representatives have lost their selling rhythm at one point or another in theirprofessional careers. The key is to recognize that your sales slump is a temporary situation and work to minimize it.Take a Mental BreakWhen sales aren’t materializing, the pressure to succeed mounts. If success is not achieved, it can be discouraging and lead to lowered expectations and a lack of motivation. Don’t let a temporary rough patch erode your confidence in your ability to achieve success. Instead, take a short break and focus on something you enjoy. Rather than worry about whether you’ll close the next sale, give yourself some time off to re-charge your batteries… perhaps enjoy an outing with your family or friends. Surrounding yourself with people youlove and enjoy spending time with will be an instant mood booster. Before heading back to work, be sure give your brain a mental reset.The past is the past. Go to your next sales appointment with a fresh perspective. Don’t set yourself up for failure by expecting poor sales. Instead, treat each lead as a new opportunity and go to each appointmentwith a fresh, optimistic outlook.Evaluate Your Lead SourceWhen leads aren’t expecting you or have no idea what you are talking about, it may seem next to impossible to close a sale, let alone get your foot in the door. Working warm leads is much easier than cold calling. That’s why we recommend honing your skills at working your natural market, centers of influence, and referrals… As well as your pre- approach skills. Through these methods, agents put themselves in front of families who are truly interested in what you have to offer and/or have requested their help and are ready to buy.Talk to Your MentorsGordon Marketing provides its agents with a strong support system. In addition to webinars, training videos and conference calls, and live training sessions… Agents working with Gordon Marketing are able to learn from an experienced sales manager and mentors who have walked in their shoes. Reach out to our manager or a mentor and talk to them about the challenges you are facing. They have faced the same challenges you’re facing and have successfully overcome them. Listen to them and don’t be afraid to ask for advice.Assess Your Body LanguageWhether consciously or subconsciously, your body language tells a lot about you. Your body language provides subtle signals to a lead that is used in forming their opinion of you and your expertise. When you are feeling discouraged or are not confident, a poor posture and weak handshake can be the result, and those will quickly give you away.When meeting with a prospective customer, be sure to take stock of your body language. Don’t clench your fists. Sit up straight, yet comfortable.Extend a handshake. Try not to cross your arms and legs (this conveys you have something to hide). Look at the person when they arespeaking to you (don’t shift your eyes around the room). Don’t fidget by tapping your feet, twirling your pen, doodling, picking at your nails, or otherwise. In other words, be a good active listener and be mindful ofand practice excellent body language.Don’t Sell AnythingOne of the worst things you can do when selling insurance is try too hard. When you have a prospect that is already interested in your services and has requested that you contact them, the sale comes naturally. Instead of trying to sell product the product too much, approach these clients in more of a consultative manner. They’re looking for an expert to help them decide which type of insurance best suits their needs, finances and lifestyle. Don’t talk over your prospect.Let them drive the conversation. Listen to their needs; let them tell you what they want, and be the expert consultant that they desire. A career in mortgage protection insurance sales is not for everyone, but if you have the motivation and drive to succeed, it can be highly rewarding, both professionally and personally.Chapter 12. Sales Enhancement Resource MaterialsBelow is a list of all materials currently available for agents actively involved in the Gordon Marketing mortgage protection program:This Agent Field Sales GuideMortgage Protection Program Power Point PresentationPresentation ScriptsIllustration and Quoting SoftwareSample Mortgage Protection Business CardsPre-Approach Sales ProcessAdvanced Planning Opportunity Fact Finder Interview BrochureCarrier Provided Product Literature? Agent Sales Guides? Agent Field Underwriting Guides? Client Approved Brochures? Client Approved Sales and Marketing Literature? Client Approved Sample Prospecting Letters and Postcards? On-Line Quoting Instructions? On-Line Application Process InstructionsAbout Our Company:Gordon Marketing is a national insurance marketing firm with active writing agents all over the country. We are singularly focused on the activity of assisting independent agents and agency builders reach their maximum career and income potential. Agents working with Gordon Marketing learn how to earn a great living helping American families protect themselves from financial hardships.Contact our offices to learn how to utilize our resources to become the best insurance agent you can be while working in the lucrative mortgage protection arena:Gordon Marketing20236 Hague RoadNoblesville, In 460621-800-388-8342 ................
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