Matt Smith Home Mortgage Defense Close
https://www.youtub e.com/watch?v=slfczzxm1kE
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What if he dies in year 3?? What will his spouse do with 40 grand policy and the she owes 200 grand on the house?? What if the appreciation of the house does not occur and the house value remains the same or less?? you have obviously little experience in the industry and never lived through real estate market downturns…
Client should be shown sufficient coverage to cover mortgage at the very least…. level term, under funded UL might give the client coverage withing his budget……..
Zuli Zapata I think ANOTHER thing You’re Forgetting to Realize is that this Policy does NOT have to be Guaranteed Issue for 1 but secondly, if for whatever reason the Insured does live that long, they are still building cash value in most cases at a guaranteed interest rate that is definitely more than your current checking or savings account rate at any Bank. So given that within the first 3 to 5 years there will be some equity in the whole life policy, if they need some of that money back, all they have to do is take a withdrawal from the cash value as a distribution or a Loan. Simple as pie
Now you are really getting ridiculous!!! You are now saying the policy DOES NOT have to be guaranteed issue? So which is it?? I am advocating to first start with a fully underwritten policy in my above post..
Secondly how much cash value do you think a guaranteed issue policy paying 285 per month is going to have after 3 years??? 1k to2k at best most likely it will have little to none……. Tell me what the guaranteed interest rate is in the above mentioned video???? Tell me what the rate of return would be if the 70 year old client lives to be 82…… he would have invested over 41k into a 40k policy…..so what was his rate of return??? You guys are without a clue…
Plan makes perfect sense, you are trolling and now you just sound silly, “First option is to fully underwrite a policy as always.” Yes if you work for state farm. You, clearly do not work in the field like the people this video is meant to help.
I don’t think you write a lot of senior mortgage protection. A fully under written UL on a 70 plus guy? Lol good luck my man.
This was a case of worst-case scenario. The point is, sure, if he lives to 82 then the face value is less than he put in. But there’s no guarantee (there never is) that he will live that long. He may only live to 76. In which case they are getting more value. On top of that, it’s important to know if she is on the mortgage. Not the deed, but MORTGAGE. Often times the wife isn’t because people typically establish themselves on one main line of credit in the early years. That $40k can then be used as a down-payment needed to continue owning the house without it being foreclosed. THEN you can get get the equity out of it instead of losing all of it. It’s protecting what’s already in place.
Another way of looking at it is it isn’t so much about the face value, than what the face value affords the surviving spouse to do with the rest of their investment.
Doesn’t make sense! He’s paying $285 for $40,000 DB coverage …. period! Appreciation of the property is completely independent of the calculation.
sub in whatever premium you want here guys. He is just giving you an illustration of the process and the presentation. The actual numbers will vary with every single client. If you were gonna really have a question it should be how did he come up with that home value in 25 years? Seems a bit low to me, is that intentional?
@HABjimmy 12 not 25 years they said they were 70 years old
MY QUESTION IS , “HOW DID YOU COME UP WITH $170,000 IN CASH VALUE? WHAT’S THE CALCULATION ON THAT? I’M CONFUSED. i THINK I UNDERSTAND EVERYTHING ELSE.
The home will go up in value to 315k and when John dies at age 82, his Mortgage Loan will be 145k. So take 315-145 =170 .
@Rick Wells No proof the house will go up that much. Many have not even got back to the values they had in 2008? No guarantee of that?
@Tony Lee no guarantee he will die at that age, it’s theoretical.
300.00 a month for Life Insurance through another company was for 500k . ALOT more than what your saying. 600.00 a month was at 1.2m coverage ,now this was based off my age and healthy lifestyle but still
Yes, for a term policy at maybe 45 years of age. Not for a senior citizen.
Nice
And when they sober up and realize they should just invest the money they cancel the policy. If they can’t afford a policy just move on to the next lead.
That’s true. And I’ll bet the average policy holder only keeps in 9 months, which is probably just long enough to avoid commission recapture.
You cannot tell someone that their house is going to appreciate. That is a misrepresentation of an apparent authority, which you don’t have in this case. So if you added that figure into your closing numbers, you misled the customer and that is not lawful.
Exactly.
It is an example for the love of God. That man you just watched is worth several million dollars, I think he knows what he is talking about.
@Tim Below I disagree. You don’t know what you’re talking about. You can’t make a false claim as a basis for selling insurance. What are you…a Biden vote counter?
wait if he owes 145k by the time he dies and the value of the homes goes up $170, how does his wife get $170k if they still owe $145k? Isn’t that $35k? And how does the $40k protect or have anything to do with the mortgage? Just wondering. Thank you for the video
I’m about to take the exam next week, I’m new to this …. so the house is “worth” 315k at the time of his death but she still owes the bank 145k, (so her equity is 170k ) example .. she sold the house for 315k then minus what she owes (145k) that would leave her with 170k …. plus the 40k ( death benefit ) so 210k total.
Thank you so much
I think this video is great, except it doesn’t really happen like that. These videos should show more of the struggles and objectives new agents go through
Not in this type of sales but very good. Paint the picture and close repaint if necessary and reclose!
Thanks!
Omfg now I understand it on a whole other level
🔥🔥🔥🔥
Not a strong close. Trying to sell the old guy on GIWL, which in many cases he will out live the value of the death benefit at $285 per month.
Now if he stated that his parents died at a younger age with similar health conditions then GIWL will work out in terms of death benefit return.
The gentleman in this scenario has only been able to save 10K his whole life. So, 285/mo is a forced savings that he otherwise would blow at the casino or whatever AND,, the premiums stop at a certain point and the coverage continues until his death. Not to mention the cash value in such a policy that can help him pay the premiums if he gets into a bind.