Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about The Mortgage Insurance Application Process and other Mortgage Protection Insurance topics.
When it comes to your death benefit, the sky is pretty much the limit with mortgage insurance. Of course, the higher your death benefit is, the more expensive your mortgage insurance policy premium is. Of course, there are some death benefits that make Mortgage Insurance Companies ask for a little additional financial information.
Mortgage Insurance Companies may have you complete an additional application form called a Financial Questionnaire. This form will ask you about other life insurance policies you have or are applying for, your salary, other income, the value of your assets, and the extent of your liabilities. This form helps the underwriters determine whether or not the amount of insurance you're applying for is reasonable and necessary and that you're not going to be over-insured.
Because Mortgage Insurance Companies understand your need to not only pay off your family's debt after your death but to also to supplement their income, most death benefits in large amounts are not declined.