Think medical exams are a requirement for every life insurance policy? Guess again. Mortgage Life Insurance with out a medical exam is available from the the top 10 life insurance companies. If one of your main goals for life insurance is making sure your mortgage is paid off should anything happen to you, you have several options for getting a policy without a medical exam. Keep reading to learn more, but know that you can always start comparing quotes at any time by using the quote form on this page.
PROS
Get your policy conveniently & faster without an exam
CONS
Can slightly more expensive depending on the company
Decreasing Term Life Insurance
One option for making sure your mortgage is covered involves the lender being named the beneficiary, which means they will then reduce or pay off your remaining mortgage balance should you die before it is paid off. This kind of policy is often decreasing term life insurance, which means that your coverage amount steadily decreases at the same time your mortgage balance does.
These types of decreasing term life policies generally do not require a medical exam, and for added convenience you are usually able to pay your premium alongside your mortgage payment.
Term Life for Mortgage Protection
You may not want your lender listed as your beneficiary, and that’s fine. In this case, you have the option of a term life insurance policy for mortgage protection.
With this type of policy, you match up the amount of insurance coverage you want with the length of your mortgage, and you are able to make the beneficiary the person of your choice.
- So, if you have say, a 30-year mortgage worth $250,000… you can then purchase a $250,000 coverage policy for a 30-year term.
Now, unlike the decreasing term life insurance policies mentioned above, these term life policies are typically for a level term, meaning the coverage amount remains steady throughout the entire length of your policy.
Again, this kind of coverage typically does not require a medical exam. The infographic below shows the advantages and disadvantages of life insurance & mortgage insurance.
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Non-Medical Mortgage Term Life
Several insurance companies we work with do offer regular term life insurance policies that do not require you to get a medical exam as part of the application process. You may want to consider going this route if your mortgage is less than a year old, as you may be eligible for up to $500,000 in coverage with these kinds of policies.
That said, if you don’t have a mortgage or got your mortgage more than a year ago, you can still usually get up to $350,000 in term life coverage.
There are advantages and disadvantages with a Non Medical exam life insurance policy. Make sure to read up on our Pros and Cons of No Medical life insurance and learn what they are.
A Word to the Wise
Although this post is about getting life insurance coverage without a medical exam, you should know that, provided you are in overall good health, getting a medical exam done can actually benefit you as far as rates go.
If insurance providers know you are healthy, they are more likely to offer you lower rates on term life insurance policies that do have medical exams as part of the application process.
Mortgage Life Insurance with out a medical exam
We are connected with dozens of the best term life insurance companies available. We’re experts in finding you the best rates possible for this type of no-medical exam policy. Don’t wait until it’s too late to protect your loved ones. Contact us today by calling us or filling out the request form on this website.
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