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Mortgage Insurance Claims on Death

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Mortgage Insurance Claims on Death

Mortgage insurance claims of death are usually intended for paying the institution that keeps your mortgage in case of critical illness, disability, or death. The purpose of the insurance is to guarantee that your dependents and family can secure their home.

Mortgage co-signer’s death

If a couple signed a mortgage, the person who survives is legally responsible for paying the remaining mortgage once the other person passed away. This is a relatively upfront situation. It would be more complex if only one person signed the mortgage, and he or she dies.

Death of an individual

If the person on the mortgage passes away, the estate of the person is responsible for settling the remaining debt. The estate includes assets such as cash, investments, possessions, and property. An attorney or executor manages it.

Know your coverage

The usual mortgage insurance does not need any medical tests, but you will find some policies that do not consider deaths due to previous medical conditions. You must ensure that you are knowledgeable of such inclusions.

Get prepared your family to your coverage

Moreover, you also have to ensure that your dependents know that you have death benefits. Normally, your family can inform the bank about your death, and the insurance company will settle the policy. You have to make sure that your family is also aware about the location of the policy to avoid any delay. You can leave directions to your family so that they can continue the payment of the mortgage even after your death.

Getting paperwork ready related to death

Make sure that every relevant step is executed when preparing the documents needed to confirm that the policy owner is dead. The preparation includes the cause of death statement and the death certificate. A post-mortem must also be scheduled if needed. It is also important to inform the family doctor about the death so that he or she can verify and list all the medical history details related to the cause of death.

Payout and underwriting of mortgage insurance policies

The underwriting process is when insurance companies verify a person's background to check his or her eligibility for particular policy coverage. The underwriting of many mortgage insurance policies starts during the time of death of the policy owner. The person's medical history and the incidents leading to his or her death will be examined thoroughly.

There are times when claims are denied because of certain health conditions. Your family must chase your case with the help of your doctor. However, there are lending companies that would not allow your family to get involved. When this happens, the payout will be made to the lending company straight from the insurance company in the event of your death. Talk to an expert about mortgage insurance claims for death to find the details.

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