United Life Group

Mortgage Life Insurance

Have you recently purchased a new home or refinanced your old one? If you take out a new or refinance mortgage, you can also count on getting plenty of offers for no exam life insurance, often called mortgage insurance. These offers may come as post cards in the mail, emails, or even phone calls. The important thing to realize is that mortgage life insurance is life insurance, and it should not be confused with similar-sounding products like private mortgage insurance (PMI) or homeowners insurance.

No Exam Life Insurance To Cover A Mortgage

The reason that life insurance companies offer simplified issue policies after a person buys a house is no mystery. According to many well-published surveys, some of the most common times that people decide to purchase life insurance include having a baby, getting married and buying a new home. Also, the insurer may find that people who have already been vetted by a mortgage company, especially these days, are usually low risks to cover.

These are some common aspects of no exam life insurance:

Is No Exam Life Insurance A Good Deal?

If you decide to forgo a life insurance physical, you can probably get covered a lot quicker. There are a number of companies that will offer policies within a few hours to a few days when they don’t need a physical. However, you will be likely to find cheap life insurance premiums if you do take the exam. The more information that you can give an insurer, the less risk they take when they do offer you a price quote.

Taking a life insurance physical is usually not a big deal. In fact, the company will pay for everything and even get it scheduled at your convenience. Very often, the examiner can travel to your house or office, and you can be assured that results are confidential between you and a regulated life insurance company. If a quick checkup to verify your good health can get you cheap life insurance rates, it might be worth a little trouble.

Pre-Existing Medical Conditions And Mortgage Insurance

You should also understand that no medical exam mortgage life insurance is not a way to try to cover up any health issues. The answers that you supply on your life insurance application will probably get verified against some additional sources.

Depending upon your answers and the underwriting procedures of the company, the application could get checked against your local traffic records, the MIB (Medical Information Bureau, and even your doctor. Minor medical issues should not be an issue, so it is better to answer the medical questions to the best of your ability.

We can help you find cheap life insurance in your city or town. All you need to do is complete our simple form to begin comparing policies online. That way, you can make sure your family has the ability to pay the mortgage if something unexpected should happen to you.