About No Medical Exam Whole Life Insurance - Ideal for Senior Final Expenses

     Life Insurance Application Underwriting Requirements:

       About buying Life insurance with No Medical Exam, Level Term Life, and Mortgage insurance No exam.

There are many types of Life Insurance.  Some are available with No Medical Exam.  Some no medical exam life insurance plans are available online without contacting an agent.  Other no medical exam life insurance plans are only available with the help of an agent, either in person or over the telephone.  Term Life Insurance No Medical Exam up to $250,000 is the most common,  Some companies offer higher amounts without a medical exam, however a "mouth swab" is normally required to check for tobacco use, certain drugs and HIV.   Term life insurance, Mortgage Protection life Insurance, Whole life Insurance no Medical Exam,  Universal Life Insurance No Medical Exam, Indexed Universal Life Insurance,  Single Premium whole Life Insurance, and "Quality of Life insurance" ™,  are all types of life insurance that may be found available with no medical exam, a mouth swab, or require an insurance medical exam based on age and, or amount applied for limits.. 

                                                                      About Mortgage Insurance

The term Mortgage Insurance is sometimes used when the life insurance being purchased will be used primarily to pay off a mortgage in the event of death.  You may find This type of life insurance is also referred to as Mortgage Protection Insurance, or Mortgage Life Insurance, or mortgage term insurance.   The Term PMI refers to Private Mortgage Insurance.  Private mortgage insurance is sometimes confused by the homeowner because it's name sounds like the life insurance plan.  This is not Life Insurance.  It helps insure the lender if they have to foreclose.  PMI is required by lenders when the amount of the loan is equal to or greater than 80 percent of the home appraised value.  Credit Life insurance is sometimes offered at closing by the mortgage company.  It is possible that credit life insurance could result in paying off a mortgage in the event of the homeowners death.  However, there are some big disadvantages to purchasing credit life with the mortgage.  First, credit life rarely covers the entire length of the mortgage.  Often only for a limited term like 7 years.   Secondly, the premium is usually financed in with the mortgage resulting in higher payments and extra interest being paid for the entire mortgage period.    Thirdly, the primary beneficiary is usually the mortgage company to the extent of the balance of the mortgage leaving no choice, or additional funds for the surviving family members.  Fourth, credit life only covers the loan it was purchased for. If the loan is refinanced, there would still be a debt, but no insurance to cover the debt because the old loan was paid off .    

                                                                   About Level Term Life Insurance

In my opinion, level term life insurance makes the best mortgage insurance protection.    I base my opinion on several key benefits to the insured that are available with the purchase of level term life for mortgage insurance.  (1)  The death benefit remains level for the entire term even while the mortgage balance is decreasing.   This leaves more dollars available for your family, or other beneficiary to help replace the obvious loss of your income if you died.   (2)  The insurance policy is owned by insured, or the beneficiary, making the policy portable in the event you sell your house, or refinance.   (3) With decreasing term, or a policy where the mortgage company is the beneficiary, you may find yourself needing to buy another policy if you sell your house, or refinance.  If your health has deteriorated, or your age has increased after purchasing the original policy, you may find you either cannot qualify for additional insurance, or that it would be much higher for the same amount.  (4)  some Level term policies now have extra protection included, for critical illness, or a chronic illness, or a terminal illness.   Some include this extra benefit at no additional cost, while other insurance companies included it for a minimal extra premium.

Including these benefits are very important because a heart attack, stroke, invasive cancer, severe burn, or some other qualifying trauma, if not fatal, could keep you from earning a living, which could be a fate worse than death.   The ability to access your death benefits in your life insurance policy while you are living could be a financial life saver.