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Tips to Choose the Best Term Insurance Plan

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Term life insurance

When it comes to choosing the best term insurance plans, you should know that the life insurance industry offers a plethora of options to the individuals. Life insurance is a must as it can look after your family’s financial insecurities against any uncertainty. Anything can come knocking your family’s door without any warning; therefore, you need to be prepared.

However, before you get a term insurance policy, it is important to evaluate your requirements and follow specific processes that can help you choose the best plan for yourself.

If you are feeling overwhelmed, seeing so many options available, keep on reading as this ultimate guide will help you make an informed decision.

#1 Determine the number of family members as well as think about your life stage

First and foremost, you need to think about the family members who are dependent solely on you for their needs. This may vary at different life stages. Financial responsibilities of a married individual differ from an unmarried person, and it changes if you have kids or retired parents to look after. Therefore, you need to choose the cover amount accordingly. However, you need to keep an eye on the future and strategize for increasing financial responsibilities.

#2 Identify which term plan to choose

Your financial situation will change as you make progress in life. Therefore, you need to choose a term plan taking these requirements and situations in mind. There are basically four different types of term plans offered. They include:

  1. The monthly income plan offers sum assured benefits that are paid out in regular monthly installments to the dependents to help them take care of the monthly recurring expenses
  2. The increasing term insurance offers sum assured amount that is increased by a pre-set percentage to tackle inflation that’s causing increasing costs. To take care of increasing costs, you need a high cover
  3. The decreasing term insurance plan is for those who have lesser dependents to look after. For example, during the early stages, you are marked by different responsibilities, which include the responsibility of your spouse, children, loan repayments, etc. However, once your loan repayments are successfully completed, and your children can take care of themselves, it will lower your insurance coverage needs. This is an ideal term plan for such individuals
  4. The level term insurance is a regular term insurance plan where the premium amount remains fixed throughout the policy term

#3 Know which riders will maximize your coverage

The best term insurance plan is the one that has all the angles covered. Riders are one way to achieve this. A rider is an add-on to the primary term plan that offers benefits over the policy subject but under certain conditions. For example, if there is a critical illness rider, then he/she is entitled to receive the sum assured upon diagnosed with the same.

#4 Higher claim settlement ratio

The life insurance company should incorporate an effective claim(s) settlement process to live up to their promise of offering monetary reimbursement. The higher claim settlement ratio means, the higher are your chances of availing the entire sum assured amount.

Final words

Always go with a trusted provider to avail the best term insurance plan. It is your responsibility to check and understand the terms and conditions of the policy you choose. You should be aware of all the technical details of your term plan.

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6 Ways to Generate 100 Free Mortgage Leads in 20 Days

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Could you use some free mortgage leads? If you’re new to the mortgage business or a veteran loan officer who is a little short on cash, you’ll be happy to know there are several ways to generate free mortgage leads.

That’s right. Even if you’re dead broke, you can still generate good, quality, pre-qualified mortgage leads at no cost. Just keep reading and I’ll share 6 powerful steps to generate free mortgage leads.

1) Create a powerful unique selling proposition (USP)

If you don’t currently have a unique selling proposition – Find one. What makes you different from all the other mortgage lenders out there? What makes you better? Why should a prospect use you over a competitor? Answer these questions and you will have your unique selling proposition.

This is an important first step because you will need a strong USP to generate free mortgage leads using the tips below.

2) Find joint venture partners

Offer a referral fee of $100 to $1000 for any referral resulting in a funded loan. Offer this opportunity to all friends, family, neighbors, anyone and everyone.

Can you call the past clients of a co-worker to generate referrals? If so, you could split the commissions generated from your efforts.

3) Give free seminars

Arrange to present your USP to others to produce referrals. Here are some ideas:

1) Contact the sales manager at real estate offices to present your USP at a realtor sales meeting

2) Contact human resource managers. Give a free seminar to employees of a company.

3) Present your USP to CPA’s or financial planners to create referral relationships.

4) Contact divorce attorneys and offer your services to their clients.

5) Contact relocation companies

Do you need some ideas for how to successfully approach these professional? If so, visit the following web page and download three sample approach letters:

[http://www.Mortgage-Leads-Generator.com/a/refiletter.htm]

4) Write Articles

Write articles about mortgage products, rates, no closing cost loans or no money down financing. Then submit your articles to article directories with your contact information at the end of the article. Here are the article directories I recommend:

About:

http://sbinformation.about.com/library/blsubmission.htm

EzineArticles.com

goarticles.com

articledashboard.com

searchwarp.com

contentdesk.com

isnare.com

buzzle.com

ideamarketers.com

businessknowhow.com

articlesphere.com

amazines.com

web-source.net/syndicator_submit.htm

Try to include the following elements in your articles:

1) Useful information – a must!

2) A text link to your site.

3) A lead generating offer relating to the subject mater in your article.

Provide a link to a web page on your site where the reader can get a complementary special report or something else of value.

If you submit just two articles a week to the sites listed above, after one year you would have 100 articles all over the internet. If you publish useful information, these 100 articles could easily generate hundreds if not thousands of free mortgage leads daily.

5) Start your direct mail campaign

Borrow money from a friend or family member and start a mail campaign. Use a credit card or borrow a credit card to get started.

If you borrow money or a credit card, offer that person a split of the commissions generated from the project.

6) Cross sell

Once you get a client using one of the 5 tips above, impress them with your extraordinary customer service skills and generate a testimonial. Use that testimonial to create a referral relationship with:

* HR manager at their work

* Listing real estate agent and that agents entire office

* Selling real estate agents and that agents entire office

* CPA

* Financial planner

* Insurance agent

* The seller of the home on a purchase transaction

* Title Company

* Real estate appraiser

* Neighbors

There you have it. Use these 6 tips to help jump start your mortgage business.

For more helpful mortgage lead generation tips and advice visit the Mortgage Marketing Blog at:

[http://Mortgage-Marketing.Mortgage-Leads-Generator.com]

Please feel free to reprint this article as long as the resource box is left intact and all links are hyperlinked.

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Picking the Right Mortgage Broker

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About half the deals that I do are with mortgage broker that I recommend. The other half is a toss-up. Meaning I never know who I am going to get to work with. Yes, work with. A lot of buyers think that they will be the only ones working with their lenders, however as a real estate broker, I put in a lot of time with them as well. It’s my job to make sure that they have all the documents necessary for the sale, as well to make sure that our mortgage approval deadline is met.

The deadline that was created in the offer is of utmost importance to everyone involved. Sellers are already nervous, so to ask for an extension could potentially kill the deal. They are not obliged to extend. It’s up to me, if I am in that situation, to convince the sellers and their real estate broker that we are still on track to get the mortgage approval, even though we haven’t gotten it yet.

One of my jobs is to stay in collaboration with the listing broker. If I keep them in the loop every step of the way, they will be understanding of what is happening if I have to ask for an extension. Normally it’s in the best interest of the seller to continue with the offer rather than drop it for the next one. However if you got the accepted deal while in a multiple offer circumstance, the situation isn’t stable. The seller doesn’t want to lose time dealing with you when they might have another buyer who has been bugging them for a chance.

Time delays in an offer

When I receive an offer or create one for my buyers, we normally see 10-14 calendar days for financing for a residential property. Over the years, I have been finding that banks are taking much longer to approve the financing. They have stricter criteria and more red tape, which creates more delays. Many buyers may not have their files complete with their mortgage broker as well, which also creates time delays.

“I’ve experienced hundreds of interactions with mortgage brokers, and there have been instances that could have easily been avoided with the right questions from the start. On one deal I did, the mortgage broker was from Calgary. He didn’t know our laws, the time difference was an issue and he didn’t speak French. It was horrible for me and my clients.”

Questions to ask yourself about your mortgage broker

– Do they live in Montreal (know the Quebec laws and speaks French)?

– Will they be available or will they be on vacation or away?

– Will they take care of your case 100%, and not pass it on to an assistant or let the bank deal with it all? (Meaning will they represent you fully and take care of you completely)

– Are they available on weekends for emergencies?

– Do they work for one bank and their products, or are they independent and work with all banks?

– Which banks do they have personal relationships with. This helps to have pull if they need to ask a favour for a rush job.

– For expenses, make sure from the start that the bank evaluation is paid for by someone else besides yourself, preferably the bank. Some mortgage brokers have special deals with notaries or movers, helping you save money.

These questions are to help you chose the best person to work on your team. Yes team. When buying, your team consists of your mortgage broker, your real estate broker, a notary, insurance broker and your building inspector. For all of these professionals, you will either be using a recommended person or doing research to find the best deal. Deal = price + service.

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Home Loan Brokers

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Searching for home loan brokers can be daunting. The average consumer has no idea what questions to ask in regard to the purchase or financing of their dream home. Home loan brokers are equipped to inform and guide the consumer through the arduous home finance process. We have obtained the following steps as a resource for prospective homebuyers.

The mortgage finance industry has been challenged over the past couple of years to say the least. Those mortgage brokers who have managed to not only “stay alive” but thrive through the challenges are customer service driven individuals. Additionally, they provide road maps for their customers. In an interview with a successful loan officer we have been able to find a few steps (that they provide for their customers) that make them successful.

1. Find the amount that you can afford to borrow. The monthly payment on your first mortgage will be only part of your monthly housing expense. You’ll also have to pay property taxes, homeowners insurance, and repair and maintenance costs. Make a budget and stick to a mortgage payment that you can afford. New home calculator and mortgage payment calculators can help you estimate the payment and come up with a maximum loan amount for your mortgage.

2. Keep track of mortgage rates. A lower rate can mean big savings on any home loan. Talk with your loan officer about current rates. If you’re worried that rates might rise before your loan closes, ask the loan officer about an interest rate lock, which can ensure you’ll be able to get the rate you were quoted.

3. Choose a mortgage broker. A well-qualified home loan broker can teach you more about how to get your first mortgage and what types of mortgage products should fit your needs. The home loan broker that offers the lowest interest rate might not offer the most hand-holding or best service — two benefits you’ll probably want when getting a first mortgage.

4. Save for a down payment. You’ll need to make a down payment to get a first mortgage. If your down payment is less than 20 percent of the purchase price of the home, you’ll also need to pay for mortgage insurance, which protects the lender in case you default on your loan. Some loan programs, like FHA, allow you to use a gift from a family member or other source as part of your down payment.

5. Have all of your documents in order. When you’re ready to apply for a first mortgage, you’ll need to give the loan officer copies of your recent pay stubs, tax returns and bank statements. Having these documents prepared in advance will make the process easier.

Home loan brokers provide a map for the individual to follow. Additionally, home loan brokers act as a tour guide. The right tour guide will be willing to spend the time making sure that individuals fully understand their options.

The tips above were provided by Tanya James of Caltexfunding. For more information regarding home loan brokers, mortgage protection, new home calculators or mortgage payment calculator see the caltexfundingresource site and search Tanya James resource.

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