Getting a robust cover in place to protect your ability to pay down a mortgage has a few simple variables. It is vital to get the underwriting process at the start of the insurance application, spot on.
Basically at the onset of the process of applying for cover we all tick boxes and sign forms agreeing to some fine print. The fine print is fairly important when and if there is a claim resulting in hundreds of thousands of dollars. Most insurance policies will require a high level of disclosure about previous health issues and investigations.
Medical and blood tests can also be required at the time of setting up mortgage protection insurance. It is generally triggered by history of:
- Abnormal blood pressure
- Cholesterol
- Family history of cancer, heart disease and diabetes
- Abnormal blood glucose
The peace of mind of having cover which you are confident will lighten the load for loved ones is worth the effort.
