Homeowners want to know their loved ones will have a place to live after an accident or injury. However, some people are hesitant to get insurance due to pre existing health conditions that would raise their premiums. Fortunately, it is possible for homeowners to get mortgage protection life insurance with no medical exam required.
What is Mortgage Life Insurance?
An insurance policy of this ensures a homeowner can pay off their mortgage if they become unable to make the payments. For example, if the mortgage holder becomes disabled and cannot work, the mortgage can still be paid off due to mortgage protection insurance.
Medical Exams for Insurance
Some insurers require applications to have a complete physical exam before providing a mortgage insurance plan. There are benefits to having a physical exam before taking out this policy if the applicant is in good health. However, many people choose to not go that route.
A no medical exam policy is a good idea for those who have less than perfect health. They often find having this exam allows them to get a better rate on their policy. If an insurance company knows an applicant is at higher risk of illness or injury, they will charge more for insurance.
Is a Medical Exam Required for Mortgage Protection Insurance?
In the past, most policies required a medical exam if an applicant wished to get a mortgage protection plan. Insurers needed information from this exam to calculate risk.
However, insurers realized customers wanted value and a way to get this protection faster. What benefits and drawbacks come with each option?
Insured with No Medical Exam
If a person chooses not to have a medical exam, they will typically pay a higher rate. They get coverage in less time, and they complete the application process much faster. Furthermore, they know their rates early in the application process.
Insured with a Medical Exam
Healthy people find they get a lower rate if they have a medical exam. The application takes more time, though, and they may wonder if the insurer has approved them for weeks. While they are waiting, they won’t know if they have coverage, and the rate the insurer initially quoted them may change based on the results of the exam.
Applications should consider both options to determine which has value for them. Those looking to save money typically opt for a medical exam if they are healthy. Individuals with health conditions often choose not to have the exam.
Cost of No Medical Exam Mortgage Protection Insurance
Young people often find the difference in cost between the policies is minimal, even when they choose not to have a medical exam. Rates increase significantly the older a person gets.
Men and women over the age of 75 must have a medical exam to qualify for this insurance. Anyone looking to purchase this protection should do so as young as possible.
Applying for No Medical Mortgage Protection Life Insurance
Many companies make it easy to apply for mortgage protection without a medical exam. Today, some companies allow a person to complete one application and shop for the best price and product.
When the company finds the best price and product, the individual completes the application in minutes. They may know immediately if the insurer approved them. Once the insurer receives the premium, their coverage goes into effect. Most companies approve or deny an application within 48 hours.
Anyone wishing to know more about this type of policy should reach out to a quote provider today. The provider will answer questions and assist the applicant where needed.