Exam Deadlines

After you request a Mortgage Insurance Quote through TermAdvantage, we call &/or e-mail you to ask you five questions about your health history, medications, family history, driving record, hobbies, etc. These questions allow us to get a full picture of your risk as perceived by the life insurance companies and ensure that we obtain you the best-priced and most accurate Mortgage Insurance Quote available.

Once we've given you your Mortgage Insurance Quote, it's important to move forward and take your exam as soon as possible. This ensures that the Mortgage Insurance Quote we provided reflects the actual premium you pay after the underwriting process has been completed. Once you accept a Mortgage Insurance Quote after the underwriter has evaluated your risk to their company, the Mortgage Insurance Quote will be valid until your exam deadline. Once your exam deadline date has passed, your original Mortgage Insurance Quote is essentially null and void and will result in a 10%-12% increased premium. The reason why it's so important to take your exam before your exam deadline is because your Mortgage Insurance Quote will be locked in and not increase.

Types of Underwriting

There are two types of Mortgage Insurance Quotes you can choose for your policy. The first type of Mortgage Insurance Quote is for a medically-underwritten policy, which is based on your age, gender, health history, family history, build, smoking status, driving record, hobbies and exam results. The second type of Mortgage Insurance Quote is for a non-medically underwritten policy, which is still based on all of the above factors with the exception of having to take an exam. It is much more difficult to qualify for a no-exam Mortgage Insurance Quote than a fully underwritten Mortgage Insurance Quote.

A Mortgage Insurance Quote that is based on a non-medically underwritten policy is generally more expensive than a Mortgage Insurance Quote that is based on a fully underwritten policy. Also, a non-medically underwritten policy is generally more accurate because the Mortgage Insurance Quote is homogenized. In other words, every applicant in your age, sex, build, and smoking class is given the same exact premium. This means that there will be no additional premiums based on unexpected findings in your medical records and/or motor vehicle report.

Hopefully the above information will help you make a much more educated and informed decision when shopping for a Mortgage Insurance Quote.

The Importance of the Medical Information Bureau

Whenever you visit a primary care physician, walk-in clinic, hospital, specialist, or other medical facility and are given a diagnosis, the results of your visit are recorded by the facility. These results are then transmitted to your Medical Information Bureau (MIB) report. Because of the confidential nature of some diseases, such as AIDS, your MIB report may contain veiled coding which indicates there is a disorder of some kind without disclosing the actual diagnosis. Your MIB report has a significant impact on your Mortgage Insurance Quote.

The MIB is owned by the life insurance companies to help prevent fraud. It helps prevent policies from being issued with omitted information regarding one's health history. Underwriters pull MIB reports for every proposed insured who applies for coverage after receiving a Mortgage Insurance Quote. By making sure your application accurately reflects the information that has been reported to the MIB, you can ensure that the Mortgage Insurance Quote you received was accurate and valid.

Understanding Underwriting Niches

The ability to understand the various underwriting niches of each life insurance company is extremely valuable, as it can save you a lot of time and money when attempting to get the most accurate and best-priced Mortgage Insurance Quote.

For example, you could end up with a company that offers no discount for cigar, snuff or chewing tobacco users. You'll then be given a Mortgage Insurance Quote that states you're a Smoker Health Class, but Prudential Life Insurance Company will give you a Mortgage Insurance Quote that states you're a Non-Smoker Health Class. This will ultimately result in significant savings for you and your family.

Knowing which company will give you your best possible health class is imperative. By using TermAdvantage, you avoid costly and time-consuming mistakes like these simply because we know all of the underwriting niches and shop over 2,000 of the nation's highest-rated (A or better by AMBest.com) companies. You'll be given the best-priced and most accurate Mortgage Insurance Quote based on your specific health situation and all of the different underwriting requirements of the companies we represent.

The Effect of Your Health on Your Quotes

Your health can change in the blink of an eye. On the day you receive your Mortgage Insurance Quote, you may be in perfect health with no medications, chronic illnesses or diseases. Two weeks later, after a visit to your primary care physician, you may discover that you've become a diabetic since your last visit due to a small increase in your blood sugar levels. Changes like this can turn your Mortgage Insurance Quote from accurate to completely incorrect.

While you can’t necessarily stop your body from developing an illness, you can get through the underwriting process as quickly as possible in order to minimize the likelihood that you'll encounter a change in health significant enough to make your original Mortgage Insurance Quote invalid. Make sure to have any exam requested by the underwriters taken immediately and answer any follow-up questions they may have in a timely manner. Once your Mortgage Insurance Quote has been approved, don’t waste any time before accepting it. This will ensure that your Mortgage Insurance Quote will still be accurate and valid.