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Naomi Said:

Is selling mortgage protection insurance a good job?

We Answered:

It depends on whether or not mortgage protection is the only thing you're allowed to sell. Mortgage protection is a great door opener. People are not very open to discussing life insurance out of the blue, but a discussion of their mortgage payment disappearing is an effective way to get them thinking.

As usual, when life insurance is involved, always ignore Judy. Her post here illustrates perfectly. She apparently hadn't even heard of mortgage protection, and yet she jumps right in! Mortgage protection is nothing more than a decreasing term policy designed to maintain a death benefit sufficient to pay off one's mortgage in the event of death. Generally, if there is any other survivorship need, the mortgage payoff should simply be rolled into the calculation for a more traditional product. Mortgage protection coverage does, however, have a couple of strong advantages. Many products are guaranteed or simplified issue, so they're easier to get approved; and most can be purchased on a joint "first-to-die" basis, meaning that the death benefit is paid if either spouse or co-owner dies, saving substantial policy expense by buying one policy versus two.

And finally, "smart people" [ref Judy's post] know that term is not always the best or most cost efficient option. Every life insurance product in existence is more appropriate than any other for a given individual in a particular situation. Hopefully, you'll have the freedom to sell only the best solution for each client's need.

Troy Said:

Is selling mortgage protection insurance easy and profitable?

We Answered:

Selling any insurance can be profitable, but it is not easy once you have exhausted your circle of friends, relatives and associates. You are only as good as your last big sale, or big sales month, until you get really established and have repeat customers and referrals.

"Mortgage Insurance" is just another term for life insurance, which happens to be in an amount to cover the mortgage. Most employers offer life insurance at work these days for a fraction of what you can offer.
So that work insurance is always a better deal - if your client has a job. If they don't have a job, they probably don't qualify for a mortgage.

There are literally thousands of insurance agents out there. If you don't mind bothering all your friends and relatives, and making a lot of cold calls from outdated lists of new mortgage, then have at it.

For me, it got really tired really fast. I started pursuing other insurance categories, such as "Pension Maximization." But most pension plans are not as restrictive as they once were, so this area has pretty much dried up as well.

Good luck with whatever you decide!

Leroy Said:

Is it Mandatory to get a Loan Protection Insurance Cover if I am applying for a Home Loan at HDFC Bank?

We Answered:

Though it is not mandatory by law to take a Home Loan Insurance Cover, but some banks in India do not approve loans untill you get the loan insured by them. You may call it the tactics of selling their another product or just as a safety measure for the loan repayment. Whatever be the reason, if you do not have any other bank approving you a loan without insuring the loan, then it leaves no choice for people like us !!

But why dont you want to insure your loan, that a good thing to get it insured. Say in case of some misfortune, your dependants need not bother for the home loan at least.

Happy and Safe Banking !!

Jesus Said:

What are the different Railroad Job Insurance Protection companies out there?

We Answered:

Locomotive Engineers & Conductors Mutual Protective Association

535 Griswold
Suite 1210
Detroit, Michigan 48226-3689

(800) 514-0010 or (313) 962-1512

E-Mail: lecmpa@lecmpa.org

Web www.lecmpa.orG

Don't leave home without it.............

I reccommend this above the others. With the others, a committee evaluates the claim and decides if it is in fact payable. This, more like the old BLE insurance, is a true insurance.

Of course none of them will cover a speed volation or a violation of rule "G".

I know that in the past, the others (UTU and BRCF) have have denied claims where similar infractions have occured in short time span. The thinking there is, well, Joe saw Bill get paid for his little contretemps, so Joe is just trying to milk the cow. CLAIM DENIED.

Marc Said:

Do i need to buy theft protection insurance for my credit and debit cards?

We Answered:

I don't think you need insurance. Most credit card providers have that security built in. However, they do vary and you should check your terms and conditions.
In my view credit card insurance only confuses matters.