Mortgage Insurance Costs and Pre-Existing Conditions

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If I have a pre-existing condition, can I still get mortgage life insurance?

Mortgage Insurance Costs and Pre-Existing Conditions

One thing that will drive up your Mortgage Insurance Cost is a pre-existing condition. Pre-existing conditions are illnesses that occurred before you applied for the insurance. They could be something long-term like type 1 diabetes, or they may be something that seems to no longer be a threat to your health, like cancer that's in remission.

When you have a pre-existing condition, it increases your likelihood that you could die as a direct result of the condition or as a result of a complication brought on by the illness. Since this likelihood increases the chances that the insurance company will be forced to pay out a death benefit on your policy, it increases the amount of risk they take on by insuring you. This risk places you outside the premium pricing structure of people your gender and age group who do not suffer from these conditions and, therefore, increases your Mortgage Insurance Cost.

When you have a pre-existing condition, it's best to bring this up at the beginning so that you can get a more accurate picture of your Mortgage Insurance Cost. The insurance professionals at TermAdvantage can work with over 2,000 insurers to find the one that offers the most attractive premiums with consideration to your individual health.



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