Annuity Leads

You already know that one of the most challenging aspects of selling annuities is finding qualified leads to pitch your products to.  Cheap lists of leads rarely pan out to actual clients, but prospecting individual leads can take so much time that it cuts into your profits.  One relatively unexploited avenue is using mortgage protection leads to sell annuities.

With the current economic recession, people are worried that they may lose their jobs.  They want to make sure that the mortgage is paid and they aren’t left homeless in this situation, so they purchase a mortgage protection plan – another form of insurance – to make sure their bills are paid in case of job loss, disability or death.  In recent years, many annuity agents have found that mortgage protection leads have resulted in some of their best clients to sell annuities.  But what makes these leads stand out among others?

• Someone who purchases mortgage protection wants to make sure their family is taken care of if something happens to them.  These types of people are often very receptive to hearing about other financial products that guarantee specific returns.

• Homeowners usually have the financial ability to invest in annuities or other retirement plans – more so than renters, who may be living paycheck to paycheck.

• Purchasing a home and taking out a mortgage protection policy indicates a certain level of financial responsibility.  Therefore, these leads are more likely to be interested in planning for retirement or for dire circumstances.

However, the real trick is that once you get the lead, you have to convert a person who indicated an interest in mortgage protection insurance into an annuity buyer.  During your initial consultation with one of these leads, there are several questions you can ask to encourage this change in thinking, such as:

• Do you feel that you are fully prepared if you become disabled, laid off or unable to work?

Mortgage protection only pays the mortgage, so how will you handle other bills?  The guaranteed returns of an annuity can be a great way to assist with these expenses if you aren’t able to work for any reason.

• Do you currently have a life insurance policy, and, if so, is it earning you the biggest possible benefit?

People who are concerned about their homes are likely also concerned about their families and spouses.  If they have purchased a life insurance policy, they may be able to earn a higher rate of return on the investment producing an annuity sale.

• Do you have additional income or savings that you’d like to grow tax-deferred?

Homeowners and professionals and who have already maxed out their 401K and IRA contributions may be sitting on substantial savings that could benefit from the tax-deferred aspect of an annuity.  If they’re interested in protecting their homes, they should also be interested in protecting their savings.

But where can you find these leads?  There are many companies that offer mortgage protection leads.  If you’re part of a big financial firm, you may be able to get leads from another division of the same company.  If you’re an independent annuity agent, consider forming a partnership with a mortgage protection agent to share business and leads for your mutual benefit.  If you aren’t able to set up a partnership or share leads within your company, try searching online for lists of these leads for additional annuity sales.

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