This question is not a “yes or no” answer. It will rely upon many different things. All life coverage quotes provided by ClickLife are based upon the presumption that the life assured has a clean bill of health, and with no adverse medical history.
It will also assume that the applicant is neither underweight nor overweight. This decision will be based upon your body fat, as per the Body Mass Index (BMI). You will also be expected to have a relatively safe occupation that doesn’t pose any risk to your health. For example, a person working in mines is far more likely to present a greater risk to the insurer than a 9-5 office worker.
The insurer will assume that there are no areas of medical concern in regards to your family. If your mother, father or sibling suffered from a genetic disease, such as cancer, the insurer will no doubt want to take this into consideration when providing a premium level.http://www.insurancequotehq.com/diabetic-life-insurance-options-exam-vs-no-medical-exam/
If you can safely answer no to all of the above queries, you may find that the initial quotation is the price that you will actually pay. The life insurance broker that we refer you to, ClickLife, will not add any charges onto the cost of your policy. In fact, they may even sacrifice the amount of commission they take to offer you the very best prices.
If you answered yes to any of the above, before a firm premium amount can be offered, the insurer will want much more detailed information. Upon receiving this information, they may decide that the premium amount first offered is unsuitable, and may then decide to “rate” it. This means that they provide the same level of coverage; however, the amount you pay is higher.
This is not too much of a problem for a great amount of people, with the majority paying the original quotation.
Does my life insurance policy have to be connected to my mortgage?
First of all, you should understand how mortgage insurance and life insurance work before coming to a conclusion. Life Insurance is a policy that supplies added financial security for families. People often view life coverage as a fundamental part of financial protection. It is sort of a guarantee that if you should die, your family has a cash resource. Some people take out life coverage to allow a tax free sum to be paid to their family, despite their financial position.
Mortgage insurance is specifically designed to pay off your mortgage. This money usually goes directly to the lender. Normally, if you die without mortgage protection to take care of the outstanding debts, your family is responsible to repay the mortgage. Life insurance on top of mortgage protection can then be an extra commodity that you should consider. With the mortgage paid off, your family will have one less financial burden; however, this is not to say that all financial pressures are released.
Back to the question in hand, you do not have to connect your mortgage to the lender, unless you have been specifically requested to by the lender. You may find that the lender asks for the policy to be written in trust to them. That way they can ensure the lump sum goes directly to pay your debt off.
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