YOU ASK:

To get mortgage insurance do you need to go through medicals?

WE ANSWER:

There are various mortgage insurance coverages that require medical examinations, although the basic mortgage insurance coverage does not. The mortgage insurance with no medical exam, however, may have exclusions for claims due to pre-existing medical conditions.

The no-medical mortgage insurance will help answer the mortgage insurance needs of those who are considered higher risks in terms of health condition and occupations. However, this may come with higher premiums and restricted coverage amounts. Of course, the rates will vary from one insurer to another.

With the no-medical mortgage insurance, you don't have to submit yourself to a physical examination, as well as to urine and blood tests. What happens is that the insurance company will just ask you some health questions and evaluate your eligibility based on your answers.

You can even purchase this insurance online. All you need to do is go to their website, fill out the online form as well as the health questions and provide your payment details and confirmation. Then, the insurance company will e-mail you the confirmation of your coverage. You can also purchase no-medical mortgage insurance coverage through your bank or lending institution.

However, if you want a higher insurance amount or more comprehensive cover, which may include a life insurance component, as well as a disability component, you will need to submit yourself to a medical examination. This will help the insurance company determine the amounts you are eligible to receive coverage for.

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