Hey, everyone that's henry here at the final expense, agent mentor, and mortgage protection agent mentor in todays. I'm, going to give you a total breakdown of how to sell two hundred and fifty thousand dollars a year in mortgage protection.
you're interested in selling mortgage protection or maybe are now, and you're looking for strategies to employ in your own business, to ensure that you make the kind of money that would excite you and change your life dramatically, but you're, not sure how you can hit a huge number like a quarter-million dollars in the mortgage protection business.
So the purpose is to give you some instructional aspects to determining how you can look down from the big picture to the small picture and know what you specifically can accomplish on a daily and weekly basis to hit that large annual number of a quarter-million Dollars in mortgage protection insurance, so let's, go ahead and get started, but we're gonna talk about our four different aspects of how to do this particular approach to business.
I'm gonna break down things. Numerically for you, I'm gonna tell you what you're gonna need to do on a lead basis, and we're gonna use, some more or fewer assumptions in product size or annual premium amounts.
The number of appointments you set off your leads and mathematically deduce what you can expect under good agents, normal operational numbers. This is not the numbers I'm, going to show you not based on an elite producing agent and not for somebody who doesn't work hard enough either.
So these are gonna, be numbers that I would expect from somebody who works through the mortgage protection sales system that I teach somebody who buys leads on a regular basis and has enough people to see.
So. Your first tip here is to break down your big goals into daily and weekly goals. This is really really important when you first look at the idea of selling a quarter-million dollars in the mortgage protection business, it may seem somewhat scary to hit.
I mean that's, a lot of business, but once you begin to break down first by monthly goals and then eventually by weekly and daily goals, what you can go and attend to accomplish, then you realize that this is actually something that can be Achieved assuming you & # 39, ve got the right constraints in mine, so what I'm gonna do now is take you to my screen and show you some numbers as to how to determine this okay.
So what you see here is an advanced technology. You're, seeing the calculator and the notepad for Windows. So when we look at $ 250,000 in premium, that is pretty big of a number, so what we have to account for, first of all, it was a: how much can we actually do in a year's worth of time, so the first place To start is look at this a little bit more on a regular, more recurring basis.
So if we divide this by 12 months, we get a monthly number of $ 20,000 or twenty thousand eight hundred thirty-three dollars an annualized premium again. If we go down further and do this on a four week month basis that gives us five thousand two hundred and eight dollars now.
This by design should allow us to have about two weeks of vacation built-in because some months have more weeks and more days. But more or less what we're looking at is about five thousand two hundred eight dollars and a weekly premium to sell so let's say you actually sell mortgage protection.
Four days a week. You're in the field. How much business do you need to write on a four day week basis in order to hit this business? So if we divide this number of it, which is a weekly basis by four working days in the field, what we're looking at is only thirteen hundred dollars in premium thereabouts.
Now the nice thing about mortgage protection is that the premium sizes are usually a lot better than other life insurance products. Like the final expense, my experience has been mortgage protection generally averages around $ 800 and annualized premium.
So if we take that $ 1,300 number and then divide it by eight hundred dollars in annual eyes premium, this gives us one point: six three policies a day that you have to hit in order to hit your $ 5,200 a week number.
So, if make this a little bit more clear, if we look on a weekly basis at how many policies you have to hit, you're gonna have to sell around six to seven policies a week on an average $ 800 persistency or $ 800 annualized premium basis, so the next thing you need to figure out is how many leads do you have to work in order to hit that six or seven policy a week? Number? Okay! So now that we know what our AP goal is - and we know what our weekly AP volume goal is, we got to determine how many leads a week we need to have in order to hit the financial goal that we have.
So most agents are going to take typically around 20 leads a week that are full-time in the mortgage protection business, so out of 20 leads the best mortgage protection agents will set somewhere between 50 to 60 s, maybe 70 % of the lead.
So let's, take 60 % as the average, so 20 leads times. 60 % are 12 appointments, so good mortgage protection agents when they get an appointment and they see the people will close somewhere between 50 60, maybe even 70 percent of the actual sits that they do.
The other aspect that's. Nice about mortgage protection is, you will sell a lot of these people because you will have husband and wife couples as well. So many times you go in the house and you & # 39.
Ll sell two policies, not just one, so you're at volume tends to be a little bit better than if you're working, older people and many of those people are widows and there's, just one person. So again we're back here at the production calculator we're at twelve appointments a week off of twenty leads, and if we're gonna close, let's, say 60 % of these.
We're gonna close to 60 % of the presentations we see. We just take them 12 and multiply by 0.6, and that gives us just rounded down seven policies a week which is enough to hit our annual production goal.
So what you're, seeing here, is a summary of what I just talked about. I just want to take you through this. What again, one more time to give you an idea of how we can arrive at 250,000 dollars in production and mortgage protection business in a year, so our first call there is 250,000.
We've, but that goal down and writing our weekly ap goal. If we divide everything by 12 months and then have four week months is $ 5,200 in production. That gives us an average daily AP goal. If we do four days a week in the field at 1300 ap, our average aka, our average annualized premium per case - tends to be around 800 an annualized premium, which gives us a weekly at volume goal of seven and that's derived by dividing 800 into fifty-two, and that's off it's, not exact, but it's close enough.
Weakly lead volume would be for a full-time agent. 20 leads a week is a good number and based on conversion, averages for a good person on the phone. Not necessarily the best is about 60 %, and that means 12 appointments in which, if a good agent again not a great agent, not a bad agent either.
It's, gonna close 60 % of those or better, to find this as apt to leads conversion ratio and that what that means is take. Your total leads and then takes the total number of applications and divides that which means you're, going to convert out of those presentations somewhere between round seven applicate or seven applications for every twenty leads that you buy.
Now there's. Some other factors you have to consider here too. Of course, I haven't. Had a discussion about persistence, I haven't. Had a discussion about lead cost I haven't had a discussion about Commission levels.
These have important influences on what you actually bank, because at the end of the day, what we're looking at here is just production numbers, and I think production numbers are important to gear you in the right direction.
But ultimately, you're gonna have to figure out what kind of leads you need to buy. You're gonna have to determine if your commission levels are good and you & # 39. Re gonna have to make sure that you're writing quality business that's, not laugh semantics business.
So just kind of give you some idea of what I would consider being good on these numbers. First of all, persistence should be well over 90 percent, your selling insurance to working people that usually have jobs.
So you're, not going to find that they're, losing their jobs and thus dropping your coverage. And if you do a good job of selling to the need and basing it around what they're comfortable paying, it should be well above 90 %.
Lee DeWyze is going to depend on what kind of Lee programs you use and where you spend your money generally speaking to 20 leads a week, you're, probably gonna pay around 700 to $ 1,000 a week. That is something I would expect based on results, response rates averages and we're.
Fixed pricing is for direct mail, mortgage protection leads, and then lastly, commission levels. This is a big one. You want to make sure you're working with an organization that optimizes your Commission, so it doesn't cut.
You short in order to feed the multi-level marketing scheme that may have recruited you so good commission levels depending on the product, depending on where you're selling. 80 90. 100 percent 110 percent even are really good numbers to potentially start off with, depending on the company, and as you get experience, it should slightly go higher than that to definitely should be over 100 percent for all of your products.
With the few exceptions that may be some price leaders that are really cheap, that you'd, only use to bust up pricing to try to replace existing business. So, to summarize, the last three points: real quick and how to a goal set for a quarter-million dollars and mortgage protection, as first of all, as you can see, I showed you a bunch of numbers just a minute ago.
You got to know your numbers. Okay, everybody. The numbers are going to be unique. I'm just giving you a template to operate off and see how you can connect your ideas and dreams to an actual reality that you implement on a daily basis.
So what you need to start doing is tracking your own numbers as you sit down and call for appointments the set mortgage protection appointments as you run, through appointments as you do everything that you're doing.
How much you're investing a week into your business and you need to be able to start averaging what your average case sizes. I know in the Final expense, where I have the most experience. The average case size of six hundred dollars in the annualized premium mine is lower.
I have an average of about 525 to 535. I know guys at average, 800, and final expense. A lot of it depends on how you sell and where you sell. Some markets are going to be better than others and you'll. Have that influence in your own business? But again you can see.
The main thing here is there is a structure that you can implement a system of success to put into place and follow. As long as you're rigorously following it, then you'll find you'll get results, and that leaves 0.
3. You've got to religiously focus on your daily goals. The old saying one step and the journey of a thousand miles begin with one step and that's. True, you cannot expect to hit those annual goals without daily religious commitment to a daily goal, and your daily goal here is very simple.
If you're, going to get 12 appointments and you're gonna spread them out over four days. That means your goal in life is to always set three appointments off of a four-day workweek. Okay, you cannot go out in the field unless you have three days booked.
You cannot stop calling unless you have three appointments booked each day you have got to be committed to making that happen. You & # 39. Ve got to be committed to making sure your twenty leads. Are there too, as well, to give you the leverage to hit those goals if you're, if your ratios are as to how I described them if you start to slack on these daily goals, even if you have two a day instead of three, that Is a 50 % reduction right? So if you go from 12 or 3 days to two a day over four, this to 12 to 8, it's, the third reduction, but that's.
The third reduction in your Commission's, it's, a substantial decrease and then little tiny changes like that add up to big numbers of loss or big numbers of games so be committed, is calling and doing whatever it takes, is humanly Possible to hit those numbers be obsessed with them, also be obsessed with your production goals.
Now I'll. Tell you from reality. Experience you won't always sell to policies a day that's about what you would expect over a four-day workweek. Are you need to sell to policies right if you're gonna sell seven policies over four days? It's about two a day give or take you & # 39.
Ll wants to always do that. Maybe some days you blink and then on the weekly basis, you'll, you'll hit, you know, maybe you'll hit eight still because you sold four on Thursday and four on Friday, for example, one good agent told Me once you got to be obsessed with the process and not the results, that's.
Why it's more important to be obsessed with I've got the leads to check. I've, got the ability to set appointments to check, and I know I need to set three a day over a four-day workweek, because, generally speaking, if your numbers are what they are, and you know what they are and you've got An experience and you've tracked them.
They will tend to play out the same over time. If there's been enough time to develop those numbers, meaning. As long as you hit your appointment goals, you're, going to see your production goals come around too as well number four - and this is the most important point I didn't quite understand this.
Until later on, in my life, you & # 39. Ve got to decide to be successful. You had to decide for yourself that this goal is meaningful and significant, and now that you've seen the way to do it. You're.
Gon na stop at nothing from accomplishing it, and that means you got to pay the price. I hear Grant Cardone talk about this. I hear Brian Tracy talk about paying the price, and what that means is you've got to be totally committed and understand that, by taking a stand and committing yourself to this goal, you're gonna have to do without other things if you're gonna work four days a week, and you know what it takes to sell works protection.
You're gonna have to not do other activities as well. You're gonna need buy-in support from your spouse, your kids, your family, and if your goal is to hit this awesome goal and have really awesome commissions and production quality, you've got to be totally bought into it.
You got to be able to control your emotions and your mindset to make sure that you follow through in this goal because it's significant and meaningful, but it doesn't mean you won't run into doubts along The way it doesn't mean that you won't run into frustrations along the way, because everything I'm, showing you are all great on paper.
But if you've been in any insurance sales business. In your life, you're gonna come up against difficulties. Things don't necessarily work out exactly how you want them on a daily or even weekly basis, but a commitment to the long-term paying that price.
Generally, things tend to turn out, and you & # 39. Ve got to be able to emotionally mentally commit to that and that's, a lot easier said than done, but that's. What paying the price is all about? Hey.
I hope you enjoyed this training. My name is David Duford. I'm the owner and operator of the final expense, agent mentor, and mortgage protection agent mentor. What I do in my business is to recruit agents that want to go in either direction selling insurance.
If you like, the idea of selling mortgage protection, I coach and mentor agents to be successful, helping them develop a system of sales marketing prospecting. So they can see this kind of numbers that I've described, and if this is something you're interested in, and you'd like to talk to me more about how to join my age, see to see if It's, a right fit for you here's.
What you need to do go to a mortgage protection agent, cotop10.com click, the contact box and send me a message. I'll, be happy to describe to you what the process is in working together mutually if you liked this article, please like it, also subscribe.
If you haven't, questions below I like fielding answers and to people who ask questions. My name is Henry. thank you so much again take care.