Selling Mortgage Insurance: A Smart Option?

With the current economy and a cooling job market, selling mortgage insurance might be the career choice for you. If you're good with people, and more importantly, good at sales, then you might have what it takes to be a mortgage insurance agent.

What Mortgage Insurance Agents Do

Mortgage insurance agents usually sale to homeowners: mortgage life insurance and unemployment mortgage insurance-insurance policies. These types of policies will pay a homeowner's primary residence mortgage payment for a specified period of time (some mortgage life insurance policies actually pay off the mortgage). Furthermore, unemployment mortgage insurance policies usually pay for essential expenses like: utility bills, phone bills and other basic monthly expenses.

Therefore, mortgage insurance agents offer an insurance policy product that many homeowners need and can use. Successful mortgage insurance agents can earn $100,000-$200,000 a year, and generally speaking, no hard selling is required. Most of the time, homeowners are quickly able to see the value and importance of mortgage insurance policies.

Duties of a Mortgage Insurance Agent

The duties of a mortgage insurance agent usually include finding homeowners that do not currently have mortgage insurance and advising them of the benefits and built-in values of mortgage insurance policies. Sometimes, this involves cold calling and door to door sales; however, more often than not, most mortgage insurance agents meet their new or potential clients through referrals.

Many mortgage insurance agents have business offices; however, many also work out of home-based offices. Almost all mortgage insurance agents have some sort of Internet presence, and use the Internet to promote their businesses and recruit potential clients.

Other Types of Mortgage Insurance Agents

Most mortgage insurance agents work for only one insurance company; however, there are mortgage insurance agents that are also brokers. Mortgage insurance brokers actually sell mortgage insurance policies for several different companies. In being able to provide policies from several companies, mortgage insurance agent brokers are able to offer clients, and potential clients, a greater number of choices and options in mortgage insurance policies.

Mortgage Insurance Agent Qualifications

While there is no defined list of qualifications for becoming a mortgage insurance agent, qualities most successful mortgage insurance agents possess would include: being personable and good with people, quick on his/her feet and good at multitasking, being a good listener and being able to describe complex terms and details in a manner that most people understand and being effective at closing a sale.

Being a mortgage insurance agent can be a very rewarding and satisfying career. Successful mortgage insurance agents typically earn more than $100,000 a year, and are always in demand. Currently, there are many insurance companies seeking qualified and effective mortgage insurance agents.

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