When Does a Mortgage Life Insurance Policy Become Active?

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When is a Mortgage Life Insurance policy in-force?

When Does a Mortgage Life Insurance Policy Become Active?

The steps of obtaining Mortgage Protection are relatively easy: Complete your application and physical examination, send in any requested supplementary forms, answer any additional questions that the underwriter has, and wait for your Mortgage Protection policy to be approved. But just because your Mortgage Protection policy gets approved doesn't mean it's active.

In order for your Mortgage Protection policy to be considered active and payable upon death, you must have submitted your initial premium and the Mortgage Protection policy must have been issued. Generally, your initial premium is submitted with your application, but if it's not, you could have a multiple-day lag between your Mortgage Protection policy approval and the start of your actual coverage period.

It doesn't matter if you decide to pay an entire year in advance or just a month at a time, there must be some payment received and accepted by the Mortgage Protection company before they will issue payment on your death claim. Each of these steps are very important in obtaining a Mortgage Protection policy, and also ensuring that your Mortgage Protection policy becomes active.



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