Mortgage Protection Insurance

[DLD2]

GA Help! I cannot get a staight answer on credit life insurance underwriting requirments in my State.

From what I have read, credit life insurance is required to
be issued without medical underwriting, but the rules vary
by state. I have been turned down for Mortgage Protection
Insurance based on a health condition. I thought this
was guarantee issue. Was the insurance company correct
in it's denial?

Also, are the rules different for credit life insurance on real
estate, autos, ect?

Thank you

 

[MortgageGuru]

I can't quote Georgia laws on insurance policies but I know a few things about the mortgage policies. Just like any other type of health insurance, it is possible for someone to not qualify for coverage. If everyone qualified regardless then we would see a lot of loan officers setting up shop outside the doors of ICU units. It just doesn't make any sense for an insurance company to issue a policy on someone that is a high risk. There is a tricky side to it and that is if you refinanced solely for that benefit and was turned down after the loan funded.

 

[DLD2]

What if you refinanced and where then turned down

Thank you

 

[tiger1262]

denied disabilty benefits after initial claim approved and awarded from my mortgage p

I applied for disability benefits from my mortgage protection insurance company and was awarded benefits for that claim request. I then had to submit a form with medical proof that I was still disabled and after submitting that information which is still with the same claim as an ongoing claim, not a new claim, I was denied the rest of the benefits because they said I didn't tell them on the policy application that I had back problems. All of this medical information was given to them in the intial claim request and available to them in my medical records at the time of the policy application and after their careful review for the first request for benefits, the claim was approved and I was awarded beneifts as described in the policy. So now they won't approve my further request for the benefits and I want to know how can I best continue my quest to receive the rest of my benefit from this policy? The policy states I will receive benefits for a max of 2 years. My first awarded benefits covered year number 1. I also spoke to the agent that sold me the policy as I was told the insurance company talked to him and received written statements from him, which he told me has not happened as he has not heard from them or submitted anything to them. I also read in my policy that it has a "incontestabilty clause" which my agent also pointed out to me. It states the company will not contest the information provided on the application after 2 years from the date the policy was issued. My claim falls outside of that window. Where do I go from here? I live in the Phoenix metro area.