Hello, this is Chad McMahan with Protect With Insurance, this is another video blog as part of the video blog series. This one is on Mortgage Protection, two thousand twenty-one things that you need to be aware of in twenty twenty-one and how to get the best mortgage protection policy possible in this year. So some unique things are going on that we’ve never seen before in terms of covid and how it’s impacting the industry. So here are some things just to be aware of when it comes to anything that’s within the life insurance realm.
And mortgage protection is a type of term life insurance. So it’s certainly within this with all life insurance right now, it is very important to avoid medical exams unless you need one. Now, there’s controversy with this topic and they’re going to be agents that are just going to scream from the rooftops. No, you need to get a medical exam because it’ll get your price down. That’s true with some programs. Absolutely. Now, there are a lot of agents that don’t have access to the programs that we have access to.
So we have programs in our arsenal and in our tool belt that allow you to get mortgage protection policies that do not require a medical exam but still offer a high health rating. This is why you want medical exams when you need to get them. So there are three situations where you want a medical exam. And if you’re not within these three things, then you want to avoid it. If you can get a high health rating and a lower price without one, one is going to be if you have medical problems, moderate or severe medical issues that would stop you from getting that would get you an automatic decline or rejection on mortgage protection unless you get that medical exam.
Sometimes getting that medical exam is the difference between getting approved and getting declined on your policy. The next thing is larger coverage amounts, which is basically over five hundred thousand dollars in coverage. If you want larger coverage amounts, you’re going to be required to get a medical exam. If you want full coverage, which most people want that. And then the third thing is if you have perfect health and you are one hundred percent confident that you have no lingering issues that just haven’t been diagnosed yet, because those blood tests and those urine tests, they are pretty thorough.
They sent it to a laboratory and they tested a lot of things.
So if you’re very sure nothing is going on there, no prescription medicines for you, your height and weight are just about perfect. I mean, they’ve got to be just about perfect. If you fall within that absolute perfect health category, there might be an option for you to get some of the lowest prices in the country with a fully underwritten medical exam. But there are a lot of cases when it comes to mortgage protection, specifically what we are avoiding.
So the bottom line is the number one factor in twenty, twenty-one when it comes to mortgage protection is going to be a medical exam or no medical exam. And I’m telling you right here and right now that when you avoid a medical exam, there are a lot of benefits. One is the inconvenience. But let’s even throw that away for a second. Let’s say you don’t care about the inconvenience, the medical exam. If you get a medical exam and you get rejected or which is this second one is happening more often.
If your health rating goes down because of the medical exam and what they discover from the blood tests, the urine sample, all of that, that brings up your price. By the way, when your health rating drops, any of these things occur. It goes on permanently. You might be this medical database that all doctors put their info into every doctor on the planet, they put their info into this. So you go to a doctor’s appointment.
And if they find anything, if they diagnose anything, if they have test results of something, your height, and your weight, all of that, it goes into your Amedee and it’s something they can all access. And it’s something that insurance companies access. When you apply, what you do is you sign something called a hip form and it gives them legal access. When this is when you apply, you sign paperwork. One of the things you sign as a hit before gives them access to pull you might be.
No one is going to consider you unless you sign that hip and they can look at the might be. That’s a requirement they all have on mortgage protection, all life insurance. So if you get a medical exam and you either get rejected or if they find something on there, it’s permanently on your McBee and it’s going to impact all. Future attempts to get any form of life insurance, so by avoiding a medical exam, you avoid quite a bit of risk.
And again, if you can get a high health rating without getting that medical exam. That is the name of the game. A lot of other agents and agencies, only have access to standard health without a medical exam, or they can go up to preferred or even higher with a medical exam. We can start at standard or preferred with no medical exam and in some cases even better. So that’s it. Please let me know if you have any other questions.
Anything else we can help with? This is Chad McMahon with another mortgage protection Speedie super duper episode. And stay safe out there.