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How to Find an Accurate Mortgage Protection Quote

Evaluating Your Needs

When you think of getting a Mortgage Protection Quote, your first thought is probably of the home where you currently live. But if you own other properties with mortgages—some of which you may be renting out or have available on the market for sale—you need to include them in your Mortgage Protection Quotes as well.

Should you pass away unexpectedly, your family will inherit all of the debt that you carry right now. This debt includes the outstanding mortgages on any vacation, rental or investment property you own. Without your income to help pay these mortgages, your family could lose everything you worked so hard to achieve.

By getting a Mortgage Protection Quote on your total debts, you give them the peace of mind of knowing they'll be financially secure in your absence. Remember to evaluate your needs and budget thoroughly before you begin shopping for a Mortgage Protection Quote.

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Long-Term Planning

When applying for a policy and obtaining a Mortgage Protection Quote, it’s important to consider how long you plan on staying in your current home. If your family is growing or shrinking, you may end up leaving your current home well before your mortgage is paid off. You may end up moving to a more expensive neighborhood or state, or you may end up purchasing a home with expensive amenities and/or costly homeowner's association dues. If you don’t move, you might decide to take out a HELOC (Home Equity Line of Credit) to upgrade your home or build an addition. Both scenarios are definitely something to think about when obtaining your Mortgage Protection Quote.

All of these future plans should be taken into consideration while you're trying to find a Mortgage Protection Quote that fits your long-term needs and budget. You may want to add to your death benefit any additional principal you may acquire during the term of your policy. This way you can lock in your coverage amount, term length and Mortgage Protection Quote, while planning ahead for you and your family's financial security. It's important to remember that your Mortgage Protection Quote is guaranteed to not increase for the length of your term, and your coverage amount is guaranteed to never decrease unless you choose to do so.

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Understanding Health Classifications

When you're obtaining a Mortgage Protection Quote, and the underwriters assess your application, medical records, and exam results, you'll be assigned to one of sixteen health classifications, which will determine what Mortgage Protection Quote you'll receive. Each underwriter starts with a base Mortgage Protection Quote based on your age, height, weight, gender, and smoking status. From there, they evaluate your health and assign you to a health class. The better your overall health and health class is, the lower your Mortgage Protection Quote will be.

Poor health classes can add a permanent extra percentage to your Mortgage Protection Quote, referred to as either a permanent or temporary flat extra premium. With a permanent flat extra, you can be charged anywhere from an extra 25% to 300% of your entire Mortgage Protection Quote. Temporary flat extras have a similar range and are added to your Mortgage Protection Quote temporarily, generally for a short amount of time to cover a specific concern. These health classifications also help to find the best-priced and create the most accurate Mortgage Protection Quote available.

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The Accuracy of a Mortgage Protection Quote

One major factor in the accuracy of your Mortgage Protection Quote is time. The longer it takes you to accept your quote, the less accurate it becomes. A Mortgage Protection Quote is not fixed forever. There is a limited amount of time during which you must accept it.

Comparing Mortgage Protection Quotes from several companies in order to find the best-priced and most accurate quote available can be difficult and time-consuming. You’ll have multiple applications and an exam to complete and several questions from different underwriters to answer as well.

That’s why applying with TermAdvantage is so simple. We shop over 2,000 of the nation's highest-rated (A or better by companies to find you the best-priced and most accurate Mortgage Protection Quote available.

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Guaranteed Re-Entry Rider

What do you do when your policy is up? When the tenth anniversary of your ten-year term arrives, you're left with no coverage and are forced to get a new Mortgage Protection Quote. Not only will your new Mortgage Protection Quote have rates for a person ten years older than your initial Mortgage Protection Quote did, it will also take into consideration any health challenges you’ve encountered over the past decade. This means that, depending upon your health situation, you could be found uninsurable.

In order to prevent this frightening scenario, make sure you apply for a Guaranteed Re-Entry Rider when you receive your Mortgage Protection Quote. This rider allows you to renew your policy at pre-determined times without having to show any proof of insurability. You never know what the next ten, fifteen, twenty, or thirty years will bring. Remove the risk associated with uninsurability by including a Guaranteed Re-Entry Rider to your Mortgage Protection Quote.

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