Got Mortgage Insurance Qoutes?
If you have just bought a new home or refinanced your old home, you have probably gotten more than a dozen postcards in the mail with very similar offers. They offer to protect your mortgage in case you pass away, become disabled, or ill. Some may mention an unemployment benefit. This type of mortgage protection is usually a term life policy, and that may be the right offer for some people. However, many consumers who answer the ads are not looking for life insurance at all!
Health and Occupation Questions
Many of the postcards or letter assure the consumer that they will probably not have to take a health exam. It is true that some mortgage protection life insurance policies, purchased in smaller amounts, do not require an exam as a standard procedure. However they all do require an applicant to answer health, history, and occupational questions. The answers to these questions may trigger further research by an insurance company which includes a query to the Medical Information Bureau, the applicant's doctor, or even a request for a medical exam!
A challenged health history, credit history, some past legal problems, and even an applicant's occupation may get them declined after a lengthy process. This tends to be frustrating for the potential applicants.
Do you Need Lots of Life Insurance?
Don't mistake me. I believe that people should carry life insurance. But some consumers already have large life insurance policies, and it really is not sensible for them to purchase more at the present time. When they saw the ad, other things caught their eye. Many potential mortgage protection insurance applicants refused to sign up because they were more concerned with unemployment, disability, and sickness protection.
The New Mortgage Protection is Online!
The new mortgage protection insurance provides cash payments is the insured person is unemployed, disabled, or hospitalized. It also does provide a cash payment if the insured person dies. The good news is that the application does not ask intrusive health or history questions, and is simple to apply for.
Now the policy terms do have some waiting and vesting periods, so you need to do some more research to make sure that this is the right product to protect your home and family. You cannot prevent all bad luck. Most of us have endured surprise layoffs, or known somebody who was hurt in an accident. However, you can take steps to insure that a run of bad luck does not turn into a tragedy by taking away your home, good credit, and financial security.
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