Do you know that you can protect your assets if something happens to you? Mortgage insurance works by paying off the outstanding principal balance of your mortgage, up to a certain amount, in the eventuality of death of the owner. Your loved ones will not have to worry about the burden of paying the balance or losing your property.
There are a couple of options you can do. You can get the coverage from your lender or financial institution when you sign your mortgage contract. This coverage applies typically when you answer NO to some complicated medical questions, and the companies will take the payment for the coverage. However, when its time for a claim, companies check if your answers on the application match with your medical records, which calls post underwriting coverage. This post underwriting always leaves you with uncertainty and a higher cost.
The best way is to work with the Licensed insurance Advisor, who can get you the coverage you need from various companies at less price at the time of mortgage or after you get the mortgage. This process of mortgage insurance calls as fully underwritten policy, qualified medical professionals ask detail questions about your health and medical history via phone or get from your doctor. Sometimes, they will take blood and urine tests as well. You do not need to pay for the cost of this medical test or process.
Significant differences of this option are you own the policy, and you decided what to do when you buy an individual policy from an insurance advisor. Not only that, since it’s underwritten at the time of the issue, it will be less expensive and no surprises at the time of claim.
These mortgage insurances will help pay off your mortgage if premature death happens or if someone gets sick or disable, it will pay if you have coverage for critical illness and disability or universal loan protection. Some plans have money-back options. Talk to our consultant to get the best coverage for your needs.