As an accomplished business advisor and entrepreneur, Edward Karram has had a very impressive career trajectory. His financial acumen led him to create SELL-U, an effective insurance training platform that lets registered agents hone their skills in final expense, mortgage protection, retirement planning and more. Under Karram’s counseling, agents are able to enhance their prospecting skills and create a bankable roster of clients.
Today, Edward Karram shares his insights on how to mitigate the struggles of selling mortgage protection insurance and how to successfully prospect in this arena.
Mortgage protection is a type of life insurance designed to take care of the insured’s mortgage obligations after their passing.
“If you can’t quite crack this amazing niche because you are unable to get in front of qualified prospects,” begins Karram, “or you’re buying leads that are recycled, reworked and milked to the bone to no success, then I have some advice for you. Let’s begin at the beginning.”
Edward Karram continues, “You have to understand that mortgage protection is a very, very powerful product. Why? Simple. For the average homeowner, a mortgage is their biggest financial burden, and taking that on is equivalent to taking on a huge debt.”
If the main bread earner were to pass, this debt then passes to the family. The businessman points out that, without mortgage protection insurance, the implications of that are catastrophic.
“Many homeowners choose to forgo this insurance altogether because there is no lack of urgency. They never think their family is actually going to need it,” Edward Karram says. “This is why it’s important to channel your efforts carefully. For example, most of your prospects might prefer to go with term life insurance instead. It stands to reason then that you want to zero in on clients who have health problems that would render term life insurance expensive and unfeasible.”
Edward Karram goes on to explain that this would make the agent’s job much easier. Mortgage protection insurance doesn’t require a medical exam and the coverage is available to any individual who owns a home.
So how do you go about prospecting? The businessman says it best.
“It’s integral to run your own insurance business as an independent agent who has multiple carrier options. Mortgage protection sales are very competitive. When you operate as an independent agent, you can access an array of insurance providers, and also enjoy the underwriting and pricing freedom that lets you increase the number of policies sold.”
Edward Karram points out an interesting fact. “When you‘re tied to a multi-tier marketing mortgage protection agency, you’re restricted to the one or two insurance firms to whom they owe their allegiance. This means you are forced to maintain quotas so as to keep those high-flying commission contracts. The result? You’ll find yourself pushing products that may not be the best fit for your prospect.
“Prospecting takes perspective,” Karram explains. “It also takes training. It’s always a huge bonus when you have someone on your side who can give you that from-the-trenches advice. This support is essential to augment your lead generation efforts.”
The businessman speaks from experience. Starting out in the financial realm and realizing that the lack of training was causing multiple agents to become disillusioned, he decided to create SELL-U; a training program that aims at restoring integrity, value and support into the insurance world. It gives agents a comprehensive understanding of business, sales, digital marketing, lead generation, and insurance basics.
Edward Karram passes his tell-it-like-it-is attitude to all agents who go through the program. He believes that by infusing trust and transparency into their work, agents will be able to build a viable book of business, off of which they can earn as much as 7 figures per year.