Voicemail:
Good ____, this message is for <clients name> this is <your name> getting back to you in regards to your mortgage with ____. We do have some pending paperwork to get back to you regarding an internal audit for the mortgage at *address*_, Give me a call back at (623) 523-4421, regarding pending paperwork.
INTRO:
Yeah ,<CLIENT>? Hey <client> , This is <First Name> I was just hoping you could help me out for a second... I manage the brokerage here that handles the mortgage protection for <LENDER> <PAUSE UNTIL RESPONSE>
And your file that's associated with your property on <address> had come across my desk…and it was still showing as incomplete (flagged for annual review) …
so when you had closed with your lender... we had sent several documents in the mail about the coverage that pays off your home loan if you were to get sick, disabled, or pass away
And it's showing here you had actually done the right thing, you filled out the card and mailed it back into us... And one of our underwriters should have actually reached out already but there's no notes here on your file. Do you remember what ended up happening with that
So I'm the manager in the area and I just wanted to make sure we had gotten you taken care of
Now is it just you in the home or is there a spouse there with you?
I’ve been assigned as the state licensed medical underwriter to show you those options and go through the carriers here in the state, just to help figure out what makes sense for you guys
<PAUSE>
Now <client name> I'm assuming this is your first time going through the mortgage protection process? Gotcha
So it's pretty simple. Basically I'm just going to spend a few minutes here asking the required questions I need on my end.. based on that it's my job as the medical underwriter to run it through the carriers in the state that offer the protection. And once we figure out a couple options you’ll hopefully qualify for
I’ll present those options to you, and you let me know what's comfortable and practical,
And then from there we'll either submit a request for coverage or we’ll decline the coverage altogether. It doesn't matter to me what you decide to do, as long as when we get to the end it's a simple yes or no. IS THAT FAIR ENOUGH?
***Send business card***
And can you receive text messages on this line? Okay gotcha, I’m going to send you a text from this number with my business card. I am legally mandated by the state to make sure that you have that information, it has all my licenses and credentials so you can verify who you are speaking with.
So as we’re going through the process, you’re welcome to look that up in the background if you feel the need. And if you do have any issues pulling that up just cut me off at any time and we’ll make sure we can get that pulled up, okay?
START FI
GO-TO REBUTTAL
Now <CLIENT NAME>, correct me if I’m wrong I am assuming when you filled out the card you were just looking for something that would pay off the home or any financial burden if god forbid you were to pass away? Does that sound right?
POLICY REPLACEMENT REBUTTAL
Yeah Perfect, that's actually the reason for my call. It looks like from the notes here on your file, you spoke to one of my junior underwriters. I am the senior medical underwriter. So with the recent changes in legislature, you know the new president and what not, rates have decreased significantly so I just wanted to make sure you were set up properly and aren't overpaying for coverage. Do you remember which carrier you went with? Was it maybe Mutual of Omaha, Aflac, Gerber, American Amicable?
LENDER REBUTTAL
I work for the state department of insurance and financial services here in <state>. <lender> doesn’t actually provide mortgage protection, just because they make more money when they foreclose on your home and sell it to another family, rather than pay it off for you. So we get your files directly from <lender>, and its just my job to go through all 58 carriers here in the state that offer the protection, just to make sure you have something in place that would pay it off if you did get sick or passed away. Does that make sense?
ALL OBJECTIONS
MORTGAGE PROTECTION OBJECTION HANDLING
Always start with: “Perfect, that's the reason for my call, I see that on your file”
Remember: Cool, Calm, Confident, & Collected.
The trick with objection handling is not necessarily what you say, but to say everything with CONFIDENCE with proper tonality. Don't just fire back, take a second to think. They won't just hang up if you take a moment to respond, but they will if you sound salsey (respond rapid fire. SLOW DOWN with responding)
Not interested-
Okay….? Hmm well I'm assuming when you had closed on your home it was important for you to have something in place that would pay the loan off if something were to happen to you, right?
If they say they're not interested a 2nd time
Okay… well are you afraid the price is going to be too high or are you afraid you're going to
be declined?
I've gotten this taken care of-
Policy replacement script: Okay Perfect, that's actually the reason for my call. It looks like from the notes here on your file, you spoke to one of my junior underwriters. I am the senior medical underwriter. So with the recent changes in legislature, you know the new president and what not, rates have decreased significantly so I just wanted to make sure you were set up properly and have the most up to date coverage. Do you remember which carrier you went with? Was it maybe Mutual of Omaha, Aflac, Gerber, American Amicable?
If they're confusing their mortgage protection with home owners insurance-
(Example: i have this through Allstate, Farmers, statefarm, AAA, ect.)
Has anyone explained the difference between homeowners insurance and mortgage
protection with you before?
We took care of that at closing-
Correct, you took care of your mortgage at closing but im calling in regards to the mortgage protection. The banks used to offer this back before 2008 but now this contracted out directly to the various insurance careers which is who I work with. It's my job as the underwriter licensed with the state to run it through the various companies to figure out which option and product makes the most sense for you and your family. make sense?
We don't need we need mortgage protection, our home is covered with our life insurance-
Okay you already have life insurance gotcha… Has anyone explained the difference between mortgage and life insurance to you before? So Mortgage protection and life insurance actually both payout if you were to die. But theyre different in the sense that mortgage protection pays out while youre living if you ever got sick or disabled.
I'm not sure if you're aware of this or not (clients name) but the biggest
cause of bankruptcies and home foreclosures is NOT due to a death, it's actually due to
medical bills, or being disabled for a period of time and not being able to work.
So it's my job as the underwriter licensed with the state to run it through the various companies to figure out which option and product makes the most sense for you and your family
It's too expensive, I cant afford it-
Absolutely <client> I understand what you're saying. It's not my goal to give you another bill, I just want to make sure you have something in place for the home so the bank cant take it. Would you say 70-80 dollars a month is taking food off the table
I've talked to someone already-
Policy replacement script: Yeah Perfect, that's actually the reason for my call. It looks like from the notes here on your file, you spoke to one of my junior underwriters. I am the senior medical underwriter. So with the recent changes in legislature, you know the new president and what not, rates have decreased significantly so I just wanted to make sure you were set up properly and have the most up to date coverage. Do you remember which carrier you went with? Was it maybe Mutual of Omaha, Aflac, Gerber, American Amicable?
Who do you work for/ are you with my lender-
Ohhhh is this your first time going through the mortgage protection process? I actually work with the state department of insurance and financial services, we handle all the mortgage protection for <lender>. I’m a broker so work with about 48 different carriers here in the state that offer mortgage protection
“Is This Required”-
Is this required by the banks?? Absolutely not. They make more money when they foreclose on your house rather than paying it off for you. I’m assuming it was important for you to have something in place that would pay the loan off if something were to happen to you, right?
Already have through work-
That’s great! Im really glad you have coverage through work, I tell all my clients to maximize that because it's typically really inexpensive.
Now something I tell all my clients, work coverage is kinda like driving the company car, in the sense that they give you the keys while you're working there, then as soon as you retire, they ask for those keys back in which case you'll have no coverage, does that make sense?
We don't have that lender anymore-
Okay gotcha, your lender was sold out to another lender?
They answer “Yes” or “Right”:
Okay that makes sense, that's pretty common these days. That actually does not affect the mortgage protection, because it's completely private and not tied to the loan itself. Im a broker with the state, so we work with all the lenders here in <state>.
This is the coverage that takes care of the home God forbid you become sick, disabled, or pass away.
I don’t remember/ didn’t fill it out-
Okay no worries haha.. I have a hard time remembering what I ate for dinner last night. I am looking at the card you filled out here,
Now, I'm assuming when you closed on the home it was important for you to have something in place that would pay the loan off if something were to happen to you, right?
I was Declined-
Right, I see that on your file here you had talked to one of our junior underwriters.. I'm the senior medical underwriter so its my job to figure out a couple options you will quality for
Price to High-
Correct, I see that on your file here, looks like you were quoted some pretty high
numbers by one of my sales reps. I'm the manager that handles the ___(county
or city)___ area here that's been assigned to figure out some more practical,
affordable options that make sense for your budget.
Take me off the list-
To be frank with you <name> there is no list, i'm sorry you may be confused, this is the
request YOU submitted in regards to protecting your family God forbid you were to
get sick, disabled, or pass away.
I’m busy right now. Can you call me back?/I’m at work/I’m driving-
I’m really busy as well and I have a lot of families to get to.
Now, I'm assuming when you closed on the home it was important for you to have something in place that would pay the loan off if something were to happen to you, right?
Why wasn’t this done before closing?-
Yeah great question. It USED to be done that way, but after the housing crisis in ‘08 that became a conflict of interest with the mortgage companies. Just because they make more money when they foreclose on your home rather than pay it off for your family.
So it's my job as the underwriter licensed with the state to run it through the various companies to figure out which option and product makes the most sense for you and your family
We’re going to sell the home-
Perfect, this coverage actually sticks with you and transfers with you when you buy a
new home. Do you plan on staying local or are you moving out of state
we already sold the home-
Did you move to a new home or are you renting now?
If they bought a new home-
Perfect, it looks like that's why your file was flagged here and coming up as incomplete….
What's the new updated mortgage address? I'll update your file for you
Social/ Banking
Understood, I hear ya (name of the client). The insurance career requires that
because that's how they are going to check your medical and prescription history
and it also prevents fraud so someone’s not signing up for coverage in your name. Does that make sense? Okay, cool. Confirm that social with me again?
If they give more pushback on the social
We actually have to have insurance that if anybody were to be able to get through all of our firewalls and access your info, it would cover you for up to a million dollars. Ok, go ahead with the social.
Banking
the insurance carrier either requires a voided check or account number to verify there is no insurance fraud, money laundering, or anything else fraudulent link to your account
as well as of course that's how you'll pay for the policy once you're approved. Anyway, looks like the address we have on file to mail the policy out to is?
FINANCIAL INVENTORY
PRESENTING OPTIONS
EQUITY PROTECTION
Has anyone explained how an equity protection works?
So what about 98-99% of my clients do at your health and age, is instead of trying to setup a policy to pay off the entire mortgage, which at your age is usually another mortgage payment, you know 1k-2k dollars a month which makes no sense so instead we decide to set up an equity protection plan, because
obviously when something happens to you, the bank doesn’t need that full mortgage paid off immediately, right?
All the bank really needs is to just to make sure those monthly payments are still coming in month after month so you don’t lose the equity you have built up in your home and so the bank doesn't have a chance to take it...
So really, we just need to make sure that <Beneficiary> doesn’t lose the _____ equity in the home because the second you’re not able to make those monthly payments, is also unfortunately the second that the bank comes in, takes the house, and all that money is gone.
DOES THAT MAKE SENSE?
● When you do pass <Client name> does <beneficiary> they plan on selling home/ moving in/ staying?
● Does (Beneficiary) live with you or do they have their own place?
● Is the (Beneficiary)local or out of state?
● Does (Beneficiary)rent or own?
Ok gotcha, so really for your situation the most amount of protection you would need is around _____ to ______ of mortgage payments to allow <Beneficiary> time to mourn, grieve, recover…
and figure out the financial situation, so they are able to move forward in a healthy manner....
<<<<If they plan on selling>>>>>
As well as get the house cleaned out, fixed up, listed, and eventually sold. And what this policy allows… is to give <Beneficiary> that grace period of time to get things figured out and get the home sold so he/she isn't forced to fire sell the home for anything less than what its fully worth, simply because they couldn't afford to keep making those mortgage payments on top of their own bills. Does that make sense?
So the main goal of this policy is to provide <Beneficiary> enough time, just to get things figured out and move forward in a healthy manner as well as protect the (____ in equity) in your home. DOES THAT MAKE SENSE?
Write at the top of the paper, Whole Life/Never expires. Essentially what that means is this policy will last until you’re 120 years old, it will never expire.
Under that write builds cash value. So what that means. Let's say you decided to cancel, or surrender the policy in 15-20 years for whatever reason. Maybe you pay the home off, hit the lottery, or just decide you no longer need it…
You’d be able to claim all the money back that you paid into the policy refunded back to you, plus about 5% interest.
And the way that this pays out is in the form of a lump sum tax free check, which is obviously designed to protect the home and the equity, but can also be used towards any sort of final expenses and double as supplemental life insurance.
Under that write months, months, and __ months.
So…of those three options, which one do you find to be the most practical and helpful for you and puts your family in the best situation
IUL Pitch
Hey ____, I don’t mean to bore you guys, but has anyone explained the difference between a term and whole life to you?
Okay, well term, short for terminate. Ya know, 10, 20, 30 years whatever it may be. It will expire. And whole life is called whole life because it lasts your whole life.
So according to the national insurance association and feel free to look this up, less than 2% of term policies actually pay out within the term they are taken out. And the insurance companies know this and they’ve done studies on it, there’s a 98% chance you’re going to outlive that term.
And that’s why term is so cheap,
and then when you do outlive it and go to reapply for insurance, it’s going to be 20, 30 times more expensive, simply because you’re 20, 30 years older, and that’s if you're even eligible at the time.
Versus, on whole life, there’s no situation where you come out behind in a whole life policy, because that policy is paying out, you never have to worry about it expiring, outliving it, because it’s going to last until you are 120 years old.
And ___, I still sit down with some clients that tell me, hey, whole life sounds great but I really only care about having insurance for the next 25, 30 years that I have a mortgage, and then after that I'm really not concerned with it. And I still tell them to take out a whole life policy because 20-30 years down the road lets say you pay off the home, hit the lottery, or just decide you no longer need it, you can simply surrender the policy, and you’ll get all the money you paid into it refunded back to you, plus interest.
So A, either that policy is paying out because it never expires or B, you decide down the road you don’t want it, no worries, like we talked about you simply get all the cash value you’ve paid into it back.
Does that make sense?
***if they already have a term***
The only downside here is they are a lot more strict on these whole life policies than they are term, so we don’t want to cancel anything until we know we can get you approved for this. And if you do, then I will help you get that one switched over.
So I'm going to have you write down the benefits in the policy.
The first thing I want you to write down is whole life- never expires.
This means that the coverage stays with you forever. Premiums will never go up and coverage never go down.
Builds cash value
What this means, like we talked about, if you ever do cancel it for any reason, you get the money youve paid into the policy back
Living Benefits
And are you aware of how living benefits work?
So any sort of critical, chronic or terminal illness like cancer, heart attack, stroke or a disability this coverage will pay out to you while you're still living, just allowing you to pay that mortgage off or pay for an medical bills that come up in that scenario
So the number one and most common reason for foreclosures on a home is death. Number 2 is becoming ill and not being able to work and continue making the mortgage payments. So with the living benefits in this policy, you will be able to access a portion of the face amount assuming you qualify for the coverage which would pay out if you ever had any sort of major critical, terminal, or chronic illness.
So God willing if you’re alive and well at the end of the mortgage you’ll have two options, you can either continue the coverage as supplemental life coverage or you can surrender the policy for the cash value.
DOES THAT MAKE SENSE?
Living Benefits
And are you aware of how living benefits work?
So any sort of critical, chronic or terminal illness like cancer, heart attack, stroke or a disability this coverage will pay out to you while you're still living, just allowing you to pay that mortgage off or pay for an medical bills that come up in that scenario
So the number one and most common reason for foreclosures on a home is death. Number 2 is becoming ill and not being able to work and continue making the mortgage payments. So with the living benefits in this policy, you will be able to access a portion of the face amount assuming you qualify for the coverage which would pay out if you ever had any sort of major critical, terminal, or chronic illness.
DOES THAT MAKE SENSE?
So for example, if you were ever told you had 2 years or less to live from a terminal illness, ever have any chronic illness or a serious illness for over 90 days, or if you ever have a heart attack, stroke, cancer, organ failure, blindness, ALS, or essentially anything that turns your world upside down where you can’t work, you would be able to claim XX% of the total coverage amount, which would be paid in a lump sum tax free check while you’re still living. While the entire face amount pays out to your beneficary in the event of death. Does that make sense?
Pitch them Full MTG+ 1 years salary, full mtg, 75% mtg or half mtg (depending on income)
So…of those three options, which one do you find to be the most practical and helpful for you and puts your family in the best situation