Mortgage Protection

Can help make policyholder’s mortgage payments if they pass before their mortgage is fully paid off.

What is Mortgage Protection?

  • Mortgage protection life insurance is coverage sold with the purpose of paying off the remaining mortgage balance for the surviving family in the event of death or disability of the primary wage earner. This eliminates the mortgage payment from the surviving families living expenses after the passing of their loved one.
  • For example, you (new independent life insurance agent) receive a lead from a client who currently has a loan of $200,000 with their mortgage lender. You could sell them a 30-year term life insurance policy with a $200,000 death benefit to match the existing mortgage balance. This becomes the mortgage protection policy to store with their lender information.
  • For example, you (new independent life insurance agent) receive a lead from a client who currently has a loan of $200,000 with their mortgage lender. You could sell them a 30-year term life insurance policy with a $200,000 death benefit to match the existing mortgage balance. This becomes the mortgage protection policy to store with their lender information.The policy will not only pay a death benefit to the survivors but also living benefits should the proposed insured become disabled or sick. This is what the insurance company calls “living benefits”, which add to the value of the policy and not necessarily the premiums.
  • This type of coverage is most commonly offered by independent agents and not their mortgage lender.

Yes, we're an FMO!

A field marketing organization (FMO) is a company that supports independent insurance agents in their sales endeavors and client retention. We provide an extra level of support to agents through excellent customer service and state-of-the-art resources and tools.
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How to Get Started Selling Mortgage Protection

Align yourself with someone successful and replicate what they do. This will give you a road to run down and more importantly save a lot of time and energy trying to learn it all on your own. The process is relatively simple:

  • Ask yourself if you want to do this alone or join a team
  • Decide if you want to be a captive or independent agent
  • Find a mentor
  • Create your marketing plan
  • Get contracted with the best mortgage protection insurance companies
  • Buy leads and start selling
  • Make money

For more information on Mortgage Protection Insurance, please visit this link.