July 23, 2010, Newsletter Issue #26: Mortgage Life Insurance Premium Rating

Tip of the Week

If your health, hobbies, or behaviors have lead the insurance underwriters to decide that your Mortgage Life Insurance Coverage should be more expensive than the standard rate, then they can add additional premium to your policy in many different ways. Here are a few examples of increased rate structures:

Table rating: When the insurance underwriters table rate your Mortgage Life Insurance Coverage, it means they charge an additional percentage of your premium and add it to your policy. Flat extra premium: A flat extra premium added to your Mortgage Life Insurance Coverage is simply a flat dollar amount that's charged in addition to the standard rate. Flat temporary extra: If you're taking part in something risky that is only done on a temporary basis (like flying lessons), you may be charged a temporary extra fee on your Mortgage Life Insurance Coverage. This fee will generally be removed on a specified date that meets the end of your dangerous endeavor.

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