Mortgage Life Insurance Tips
Finding an Accurate Mortgage Life Insurance Quote
- The Five Qualifying Questions
- Full Disclosure
- Comparing Mortgage Life Insurance Quotes
- Determining Your Needs & Budget
- Review Your Application
The Five Qualifying Questions
Obtaining the best-priced and most accurate Mortgage Life Insurance Quote is a task that requires a lot of information from you. Your agent at TermAdvantage will ask you five questions including your personal health history, your family’s health history, any medications you're currently taking or have been prescribed, your driving record, your hobbies and financial information. Each of these factors will be thoroughly evaluated by an underwriter from the life insurance company we place you with.
The underwriter will evaluate your risk to their company and assign you a health class out of 16 classifications, which will in fact determine how much your Mortgage Life Insurance Quote is going to be. TermAdvantage understands the underwriting requirements (niches) of the various life insurance companies and can shop your information with over 2,000 of them in order to ensure that you're given the best-priced and most accurate Mortgage Life Insurance Quote available.
Full Disclosure
If you're applying for a fully underwritten policy, then being completely upfront and honest about any health issues, dangerous hobbies and/or driving violations is the best way to ensure that you get the most accurate and best-priced Mortgage Life Insurance Quote available. Without full disclosure, you may be given a Mortgage Life Insurance Quote that treats your health more favorably than it will by the underwriters.
The reason you should fully disclose everything is because the underwriters will review your medical records, exam results, motor vehicle records, Medical Information Bureau (MIB) report, family history and any medications to determine if anything was left out when you received your Mortgage Life Insurance Quote. This thorough, full-scale review of your health and history can uncover information that was not mentioned when you received your Mortgage Life Insurance Quote. In some cases, it can uncover information that you didn't really understand as an official diagnosis when you visited your primary care physician, but was noted in your medical records as such. All of the above will have a significant impact on and can greatly affect your Mortgage Life Insurance Quote.
Comparing Mortgage Life Insurance Quotes
No matter what policy you're applying for, the only way to find the most accurate Mortgage Life Insurance Quote is to compare the quotes of as many different life insurance companies as possible. Every company has its own proprietary pricing structure and different underwriting niche for their market. Some are more lenient on medical conditions, build and/or nicotine/tobacco use than others, and each company prices its products differently.
At TermAdvantage, our agents shop over 2,000 life insurance companies to find you the best-priced Mortgage Life Insurance Quote available. Once we've shopped all of the companies, we'll present you with your own personalized Mortgage Life Insurance Quote — one that's based specifically on your needs, budget and health history. At TermAdvantage, we work closely with each company, which ensures that you're given the best-priced and most accurate Mortgage Life Insurance Quote the first time around.
Determining Your Needs & Budget
Knowing what you want in a policy can go a long way toward receiving the best-priced and most accurate Mortgage Life Insurance Quote the first time around. After we decide on the coverage amount and term length you need, you'll receive an accurate Mortgage Life Insurance Quote based on the five qualifying questions we ask you. On the other hand, if you decide to change your coverage amount and/or term length during the underwriting process, then your Mortgage Life Insurance Quote will be incorrect.
All life insurance companies have certain thresholds for higher coverage amounts that require additional underwriting and exam requirements. If you apply for a coverage amount that is less than this threshold, you'll receive a Mortgage Life Insurance Quote that reflects it. If you decide to increase your coverage amount, you'll be charged an additional premium and held to the underwriting guidelines of the increased coverage amount. This is exactly why it's best to finalize your coverage amount as soon as you've compared Mortgage Life Insurance Quotes.
Review Your Application
Finding the best-priced and most accurate Mortgage Life Insurance Quote can be a confusing and overwhelming process. In order to find the best-priced company, you'll be asked several questions and may be introduced to terminology that is new and confusing. You might even be asked to think about your life in terms of the risk it presents to the life insurance company, which may result in a misunderstanding of the questions being asked of you.
Because these questions are so important to the process of obtaining the best-priced and most accurate Mortgage Life Insurance Quote, it is imperative that you review the information you have given and make sure it is complete and accurate. By making sure you’ve answered each question completely and to the best of your knowledge, you ensure that your Mortgage Life Insurance Quote will not only be the best-priced and most accurate, but also representative of your risk to the life insurance company as it is determined by the underwriters. This is by far the best way to receive the most accurate and best-priced Mortgage Life Insurance Quote the first time around.
