Are you an insurance agent looking to start selling mortgage protection insurance? If so, you’ll need to generate mortgage protection insurance leads better than your competition.
Build Your Client Database and Follow Up
A great way to generate mortgage protection insurance leads is to build your client database by networking. This includes friends, family, colleagues and past clients. Send out a letter to each person on the list that outlines your mortgage loan benefits and rates, and also include two business cards.
Direct Mail to New Homeowners
Direct mail is a proven mortgage protection insurance lead generation method that can generate huge returns on your investment. This is because it allows you to reach new homeowners who are in the early stages of shopping around for their mortgage protection insurance.
New Homeowners are your #1 group of prospects. Make sure they are the centerpiece of your marketing program!
Mortgage protection insurance sales are often time-sensitive and the last thing you want to do is have the client lose interest in your offer. New Homeowners often shop around. Do you want them to go online and click on the top listing? Or, do you want to make sure they get your information right in their mailbox?
Buying Leads versus generating them yourself
Depending on the lead generation platform, leads can be sold to numerous agents. These companies sell mortgage insurance leads in the form of six different kinds of marketing leads. Here is an example of how much mortgage life insurance leads cost:
- A leads cost between $25 and $45 and are exclusive to a particular agent for five weeks.
- 5A leads cost $5.50 and have already been distributed once, but the agent hasn’t made a sale.
- 4A leads cost $4.50 and have been sold twice.
- 3A leads cost $3.50 each, have been distributed three times and can be up to a year old.
- 2A leads cost $2.50 and have been distributed four times.
- 1A leads cost $1.50 each and have been sold five times.
- $0.50 cent leads have been distributed to six other agents and are always at least eight months old.
These prices are courtesy of Mortgage Protection Reviews. It really gives you a way to compare what your can buy versus what you can do yourself.
If you are looking for exclusivity, then you need to generate your own leads. And for this product, it’s all about direct mail.
Direct Mail Mortgage Insurance Leads
Direct mail is considered the most trusted marketing medium.
All the experts consider direct mail the best form of mortgage protection / life insurance lead generation. Statistically speaking, it accounts for the biggest percentage of sales when considering all lead types.
How Lead Generation for Mortgage Protection Insurance Works
The process starts when you receive a list of prospects, which consists of new homeowners with home mortgages. These lists are compiled using county and courthouse records.
Unless you want to go directly to the county courthouse, you’ll most likely have to buy the list of mortgage holders. Believe me, unless you feel like sifting through recent property transactions and contacting lenders, it’s well worth it.
A good mortgage list gives you the following information: Home Buyer or refinance name, address, mortgage amounts, purchase dates, and other key data. The more information an agent has, the better the lead quality.
Why Use Direct Mail for Mortgage Protection Leads?
All the top-performing mortgage insurance agents use direct mail leads. It’s what keeps them in business.
The key is to get New homeowner data that is fresh. There’s a window of opportunity for people replying to mailers. Recent homeowners are far more likely to invest in mortgage protection insurance because they’ve just made a huge investment. Look at their fear as your opportunity.
Key Points to Remember
Whether you’re a new agent or a seasoned seller looking for new ideas, we hope you’ve learned something from this article. The key takeaway is that direct mail still wins out over all other lead generation tactics.
The cost for the new homeowner/ mortgage data runs between 5 – 20 cents per record, depending on the recency of the data and the quantity you are getting. Think of the cost as an investment in your business.
It takes some money to make money, but don’t worry. The more experience you gain, the higher your lead conversion rates will climb.