Question:

Is it possible to have mortgage insurance no medical exam?

Answer:

Insurance companies do scare people with black statistics about high foreclosure levels due to incidental death or permanent disability of the primary wage earner.

While it may be a little exaggerated insurance marketing, it is true that mortgage insurance with no medical exam is particularly useful to people with riskier occupations, bad habits and/or deteriorated health condition who wouldn't pass the medical exam, or would have to pay dearly for life insurance policy.

Mortgage Insurance No Medical Exam Best Bet

The best about mortgage life insurance is that you get the insurance answering simple questions. It is not a strict life insurance policy and medical examination is not required. In fact, there are some really nice products on the market that combine the benefits of a life insurance with mortgage protection. If you do have a life policy already, perhaps you don't even need mortgage life insurance.

However, if your life insurance coverage is limited, you could add up to it buying mortgage insurance to protect you in case of job loss, or an accidental injury.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: