Firstly, what is mortgage protection? It is term structured life insurance built around paying off that mortgage if you die or if you’re diagnosed with a whole long list of health issues.
So how do you qualify for it?
You need to be healthier to qualify for any term structured life insurance, than you do for whole life insurance. It’s a different animal. Typically, you want to be taking about three or fewer prescription medicines, with no severe health issues. Obviously, the healthier you are, the better your rate and the lower your cost is going to be.
Now, the good news is, and we’re seeing this more and more because there is a real significant health decline in this country. So we’re seeing two types of clients. We’re seeing super healthy clients, no prescription medicines, no medical issues. And we’re seeing a client that’s having some early-onset health issues. For example, diabetes, kidney disease, for example, a lot of blood pressure meds. You know, like myself, I’m a big guy.
And so I can relate with this higher weight per height ratio, so overweight for the height. And so that generally leads to other health issues. So if you have issues, know that it doesn’t count you out. We have access to a lot of companies. We have access to a lot of mortgage protection programs. And so there are two different situations.
One is, if you are super-duper healthy, you probably won’t need a medical exam. We can go either way. We have the best, lowest priced medical exam policies and we also have the lowest priced simple issue policies, which means no medical exam. Now, if you have health issues, chances are you’re going to need the medical exam. Some borderline people can get away with getting policies that do not require a medical exam, which is still a simple issue of mortgage protection policies.
But chances are if you have more health issues, we can do a pre-risk assessment for you, which means talking with an actual underwriter, with whatever company is going to offer the best program for you based on your health. And we will pre it’s not quite a pre-approval, but it’s close. It is a risk assessment performed directly with the underwriter who would be reviewing your case if we apply. So that ensures accuracy and then we can give you an accurate quote.
And sometimes they’ll say, well, it depends upon what the agency is going to be or depends upon what the blood work shows, or it depends upon the level of diabetes or things like that. And so sometimes we’ll have to give a small range of that. Could be this price up to as high as this price. But typically, we’re able to give an exact to the penny figure and this is in ninety-five percent of cases. So I hope this has been helpful.
Please reach out to us and we’ll be happy to help you with any mortgage protection needs. We’re here for you. Stay safe out there.