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. The best ways to generate mortgage protection leads are to simplify the onboarding process, build a network of clients, only use fresh leads, and providing clear call-to-action opportunities.
Make the Process Easier for Your Prospects
The easiest way to get more mortgage protection insurance leads is to reduce the friction of the sales process. This means making it as simple as possible for your prospects to complete their desired action – like submitting a long form 1003 loan application – so that they have less of a reason to leave and you can collect the rest of their information.
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.
Fresh Mail Leads That Are Exclusive and Never Aged
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.
Reducing Friction of Your CTAs
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 or get frustrated with you. By reducing the friction of your mortgage insurance sales CTAs, you’ll be able to convert more of your leads into appointments and sales.
Cost of Mortgage Protection Insurance Leads
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 a mortgage life insurance lead costs:
- 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.
Direct Mail Mortgage Insurance Leads
Direct mail is generally considered 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 Direct Mail 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.
You’ll likely have to buy the list of mortgage holders, but it’s worth it (unless you feel like sifting through recent property transactions and contacting lenders). It tells insurance agents not just the names and addresses of new homeowners but also their mortgage amounts, purchase dates, and other key data. The more information an agent has, the better the lead quality.
A lead house purchases information to compile lists directly from local courthouses. Insurance professionals can then purchase a compiled list of leads from a lead generation service.
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 leads that are both fresh and exclusive. 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.
Exclusive Vs. Aged Mortgage Protection Insurance Leads
A fresh or exclusive direct mail lead is far more valuable than one that has already been aged. An exclusive lead is one that has been generated within the past few days and has never been resold.
Fresh leads provide greater opportunities for sales conversion. Just think about it. New homeowners who have yet to hear from any mortgage protection life insurance agents are very likely to be interested in your products. Those who have received multiple phone calls from different agents every week for the past six months since making their purchases may not be as happy to get another call.
The Problem With MPI Lead Generation Programs
It’s important to note that while direct mail leads are undeniably the best, they’re not all created equal. MLM-focused insurance agencies often claim to sell good, fresh leads. Instead, they sell you aged leads that have already been worked for weeks or even months. We’ll never do that to you. If we claim a lead is fresh or exclusive, that’s because it is.
Understanding Direct Mail Pricing
There are three price points for direct mail mortgage protection leads. Regardless of what price point agents are looking at, they’ll be charged on a basis of either:
- Fixed pricing, in which you’ll be charged per lead.
- Per-thousand mailers pricing, which offers no guarantees on response rates but is more affordable.
Internet Mortgage Protection Insurance Leads
Direct mail is by far the best source of mortgage protection insurance leads, but it’s not the only one. You can also use online lead generation tactics.
Think of examples like Facebook ads. Facebook allows advertisers to target new homeowners. If you want to, you can take ads that perform well via direct mail, adapt them to online use, then pay for ads on Facebook to generate even more leads.
Some lead houses offer online lead generation help alongside direct mail lists. We’re one of those houses. Our agents can access Facebook-generated leads as well as lists from the county.
Free Mortgage Protection Insurance Leads
Are you starting from nothing without investment capital? If so, you should know that there are also three ways to get free or almost-free leads. You’ll just need to put in some sweat equity instead. Here’s where to look:
County Courthouse Websites
As we’ve already mentioned, people who purchase new homes and take out mortgages have their names and addresses listed in the public records. You can go to the county courthouse to gain access to that information.
When you get to the courthouse, look for the deed section or ask an employee where mortgage information is stored. If you’re lucky, it will be freely available. Otherwise, you may have to pay a per-page or monthly subscription fee.
Before you head to the courthouse, you should also check online. Some courthouses already offer all of this information on the Internet.
Referral Relationships
Do you have strong relationships with other members of your local community? If so, you might like this lead generation strategy.
The best referral generation sources are usually other vendors that focus on recent homebuyers. These other industry experts know that buying a home requires making a lot of other purchases, too. These people are ready to spend money, and they may as well spend it on your mortgage protection life insurance products.
Realtors are a great source for referrals. They know who’ll be buying new homes before the information even gets registered at a courthouse. However, networking events for your industry can also be a good resource.
Speaking Engagements
If you’re a good public speaker, it may be worth your time to try this free lead generation tactic. Just schedule short, 20-minute educational seminars on insurance-related topics.
You give a short talk to a local group. The people listening will then view you as an expert. As a result, you’ll be more likely to get a positive reception and develop high-quality leads. Just remember: don’t sell. Educate.
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. It requires paying for leads, but think of that fee as an investment.
It takes some money to make money, but don’t worry. The more experience you gain, the higher your lead conversion rates will climb.