How to Buy Mortgage Life Insurance?
Buying mortgage life insurance should not be so complicated and time consuming. Many 
plans are now available that can render the whole process very simple.
Mortgage Life Insurance - The No Exam Route
This probably is the simplest and fastest way to to buy mortgage life insurance. With this plan, since no exam is needed, much time is saved in the underwriting process but also there is no risk that an insurance exam could turn up some negative results. Exam negative results can sometimes lead to higher rates or even a decline. Another great thing about buying no exam mortgage life insurance is that some companies will not even order medical records from your Dr(s) (please note that other electronically available records may be ordered such as driving records, MIB, pharmacy report...). Not having to get your medical records can save weeks in the underwriting process. As a mater of fact, we have companies, from which you can buy mortgage life insurance, that can underwrite your application in as fast as 24 hours (during business hours).
Mortgage Life Insurance - The Full Underwriting Exam Route
Why would someone want to bother with much longer underwriting and having to do an exam to buy mortgage life insurance? Simply, because of the much lower the rates! Yes, if you are a healthy individual, deciding to go the more complicated route can yield much lower rates. Often times rates can but less than half of the rates of no exam mortgage life insurance. Another reason can be plan selection. There are many more plans and companies to choose from when you select a full underwriting policy rather than a simplified, no exam policy.
Whichever method you select to buy mortgage life insurance, make sure than your agent is well qualified to guide you in the proper direction. Depending upon your needs and other factors, a no exam plan may still be best for you even if you have plenty of time and do not mind waiting weeks for an answer (using full underwriting). Buying the wrong mortgage life insurance can be a very costly mistake to you and your beneficiaries. Please, always read your approved policy once you receive it.
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