Understanding Mortgage Protection Rates

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What are initial mortgage protection rates based on?

Understanding Mortgage Protection Rates

When you're first quoted Mortgage Protection Rates, you're given rates that are homogenized. That means that you're quoted the same initial rate as every other person who matches your description in a few key areas. The things taken into consideration for homogenized Mortgage Protection Rates include:

  • Height
  • Weight
  • Age
  • Gender
  • Smoking class
You might wonder how the insurance companies come up with rates based on these factors. The insurance companies employ actuaries who look at statistics and determine the likelihood of the death of each person within a certain set of factors. This likelihood determines the Mortgage Protection Rates you will be quoted.

In order to determine your actual rate, your individual health history will be examined and your increased or decreased risk of death based on your individual factors compared to others in your age/height/weight/gender will be considered. The experienced professionals at TermAdvantage help to give you a better idea of your rate, beyond the normal homogenized rate quote.



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