1. Why should I choose MLR?

We are the no-pressure way to buy mortgage protection insurance, life insurance and disability insurance online.  We make it simple and convenient for you to compare policies, get accurate quotes, and apply for the best suited policy online.  We are committed to providing the highest level of service to our customers.  We believe that customer-service starts by listening to our customers, so that we may better help them determine their insurance needs.  We work hard to ensure that each of our customers selects the best suited policy for their specific needs and budget.  We understand how valuable your time is, and it is our promise to conduct all necessary correspondence quickly and efficiently.  Our quotes are free, and require no personal information or obligation.

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2. Is MLR licensed in my state?

Yes.  We are licensed in all fifty (50) states, the District of Columbia and Puerto Rico.

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3. How does MLR select the 100+ insurers it represents?

We monitor over one hundred (100+) companies, but we only represent those with an A.M. Best rating of A or higher.  A.M. Best Company is the most widely recognized rating agency of insurance companies in the U.S.  Their ratings are an indication of financial strength with A being an excellent rating and A+ or A++ being a superior rating.  We want to be sure that our customers’ policies are underwritten by one (1) of the most secure companies in the world.  This is why we only work with companies that have a proven history of excellence.  We represent only those insurers with an A.M. Best (click to see rating scale) rating of A (excellent), A+ or A++ (superior).  A.M. Best Company has been the leading independent evaluator of insurance companies since 1899.

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4. Does MLR only give free quotes?

No.  We handle every step of the process – from submitting your application to servicing your policy after it is issued and placed “in force”.  Many online companies simply generate leads, and then sell your contact information to bidding agents.  We do not do this.  Your licensed representative will guide you through the entire process.

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5. How confidential is my personal information?

The personal information of each of our many potential customers (and clients) is 100% confidential.  No one has access to your personal information other than us and the highly rated insurer that you choose to apply with.  We never sell or distribute any part of your personal information.

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6. How much coverage do I need?

Many people purchase life insurance, mortgage protection insurance and/or disability insurance in order to replace lost income should something happen to them.  The proceeds from your policy should be enough to replace income for your primary beneficiaries, and cover immediate expenses as well.  Many financial planners and experts recommend coverage that is five (5) to ten (10) times your annual income.  However, this general rule of thumb does not take into consideration special needs or goals that you may have.  For instance, you may want to account for pay raises, especially if you are young.  Only you can determine the amount of coverage that is right for your family’s needs. Here are a few things to consider when trying to determine the amount of insurance for your family:

1. The amount of annual income your family needs.
2. How many years the income will be needed.
3.  Final expenses.
4.  College funds.
5.  The payoff of outstanding debts.
6.  The needs of your children and/or other family members.
7.  The average annual percentage of interest your investments will earn.
8.  The value of your current assets.
9.  The anticipated annual inflation rate.

Individual needs will vary, so we recommend that you speak with one of our licensed representatives to help you determine what amount of coverage is right for you.

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7. Should I buy mortgage protection insurance, life insurance or disability insurance?

It honestly depends on your specific situation.  In order to make the absolute best decision for you and your loved ones, this question should be thoroughly discussed with a licensed representative who has many years of experience with each of these types of policies.  Each of our licensed representatives has many years of experience with each of these types of policies.  A mortgage protection insurance policy generally includes both life insurance and disability insurance.

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8. How long do I need protection?

The amount of time you need coverage is dependent upon a variety of different things.  First, think about the beneficiary (or beneficiaries) of your policy.  You may want to cover your children until they are out of college, or your spouse may need coverage until the time you plan on retiring.  If your policy is covering your mortgage, choose a policy that is at least the length of the loan.  The length of your policy should protect your beneficiaries until they would no longer be dependent upon your income.  ‘Guaranteed level’ term life insurance policies are available for up to forty (40) years depending upon your age.

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9. Should I insure my spouse, my dependents and/or my children?

If your spouse earns income, the need for mortgage protection insurance, life insurance and/or disability insurance applies equally because there will be a portion of your family income that needs to be supplemented in the event of a premature death or disability.  For a stay-at-home spouse, you may want to consider a policy that is at least 50% of the amount of coverage on the income-earning spouse.  This will provide protection that may be needed to cover increased daycare costs, time away from work for the surviving spouse, and final expenses incurred due to the premature death of a stay-at-home spouse.

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10. What is mortgage protection insurance?

Mortgage protection insurance is an insurance policy that pays off the remainder of your mortgage if you pass away or if you become disabled and can’t work.  In that way, it functions similarly to life insurance and disability insurance.  Unlike those types of insurance, however, the payment does not go to you or your heirs, but goes directly to your mortgage lender to pay off the loan. As you pay off your mortgage, the insurance payout decreases, but your premiums remain the same.  For many, this is a major drawback of mortgage protection insurance.  Generally, these types of policies — which can often be purchased from banks and mortgage lenders — only cover the principal and interest portion of a mortgage payment.  That means other fees like HOA dues, property taxes and homeowners insurance would still be your responsibility.

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11. Can I still be insured if I have had some health problems?

It is very likely that you will be able to receive coverage.  Several of the companies that we represent specialize in providing mortgage protection insurance & life insurance to those individuals that are not in perfect health.  Even those individuals who have had heart/kidney disease, or stroke, as well as diabetics and cancer survivors have been able to find the coverage they need at an affordable price.

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12. How do I obtain the lowest price for my policy?

We are committed to making sure our customers receive the best price available to them, so we shop around for you.  All you have to do is complete your application honestly, take a medical exam (if applicable, and at no cost to you), and provide any additional information and promptly return any additional forms required by the insurer.  If the company you chose comes back with a higher rate than your quote, we automatically start working to find other companies that will offer you the best price for your specific health-profile and needs.

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13. How long will it take before I receive my policy?

Although many of our companies offer simplified-issue (and instant-issue) “no medical exam coverage”, it can take four (4) to eight (8) weeks after you submit your application to receive your policy.  Most of our providers offer conditional coverage during the underwriting process.  In these cases, coverage begins once your application has been received by the insurance company along with your initial premium payment and medical exam.  Coverage is contingent upon qualification.  Please read the conditional receipt of your life insurance application for specific details.

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14. Will I have to take a medical exam?
No.  We offer “no medical exam coverage” up to $2,000,000. However, some of the companies we represent do require applicants to take a brief medical examination.  This exam is at no cost to you, and only takes about twenty (20) minutes to complete at your residence, at your work-location or at your local ExamOne office.  ExamOne is a subsidiary of Quest Diagnostics.  During the exam, the licensed medical technician will take blood and urine samples.  In less than 1% of cases, additional tests are required by the insurance company, such as an EKG or a cognitive test.

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15. How does a monthly payment plan work?

There are a variety of payment plans available such as annual, semi-annual, quarterly and monthly.  If you choose the monthly payment plan, the insurance company will set up an automatic bank-draft / electronic funds transfer (EFT).  This means that on a specified date each month your premium will automatically be deducted from your checking (or savings) account.  Annual payment plans are the most cost-effective payment-method.  Depending upon your state and the insurance company, a credit/debit card may be used for the initial premium only when securing conditional coverage.

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16. Will I have coverage while waiting for my application to be approved?

Although many of our companies offer simplified-issue (and instant-issue) “no medical exam coverage”, conditional coverage may be available depending upon the insurance company.  This is temporary coverage during the four (4) to eight (8) week underwriting process.  Your coverage begins as soon as the application, along with the first premium payment and the medical exam, are received by the insurance company.  Most of our providers, depending upon your state, will hold a credit/debit card on file to secure the conditional coverage if you choose to accept this temporary coverage.  The insurance company will not charge your credit/debit card until your application is approved and the policy is accepted by you.  Coverage is contingent upon qualification.  Please read the conditional receipt of your application for specific details.

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17. When does my coverage begin?

Your coverage begins as soon as the policy has been issued and all requirements have been met.  Although many of our companies offer simplified-issue (and instant-issue) “no medical exam coverage”, these requirements may include, but are not limited to, premium payment, medical exam, delivery acknowledgment form and/or application amendment.  Conditional coverage may be available depending upon the insurance company.  This is temporary coverage during the four (4) to eight (8) week underwriting process.  Your coverage begins as soon as the application, along with the initial premium payment and the medical exam, are received by the company.  Coverage is contingent upon qualification.  Please read the conditional receipt of your application for specific details.

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18. What do I do if I want to replace my existing policy with a new policy?

If you already have a policy, and wish to replace it with a new one, you should not cancel this policy until you have placed your new policy “in force”.  Make sure to read and review your new policy.  Once you are satisfied and accept your new policy, wait until you receive notification that the new policy is officially “in force” before canceling your “old” policy.  If your previous policy had cash value, surrendering the policy may involve penalties.  We recommend that you consult with your attorney, financial-advisor and/or tax-advisor prior to surrendering any cash value policies prematurely.

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19. What does ‘guaranteed level’ term life insurance mean?

If a policy is ‘guaranteed level’, it means that the premium you pay for your policy is guaranteed to remain the same for the full length of the term.  Your coverage is also guaranteed to remain the same, and the insurance company can not cancel your policy or raise your premium for the entire length of the policy.  Not all companies offer policies that are ‘guaranteed level’, so we recommend that you review the specifics/details of each policy carefully before choosing one.  We offer ‘guaranteed level’ term life insurance policies, as well as several other types of insurance to help protect you and your loved ones.

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20. What is the advantage of ‘guaranteed level’ versus ‘yearly renewable’ term life insurance?

The difference between ‘guaranteed level’ term life insurance and ‘yearly renewable’ term life insurance is that the premiums remain the same over a specified period of time with ‘guaranteed level’ term life insurance, and ‘yearly renewable’ term life insurance begins with lower initial premiums, but the premiums increase each year.  If you only need coverage for a few years, yearly renewable term life may be the way to go.  However, if you need coverage for more than a few years a level term policy would usually be the most cost effective.  When choosing the length of your term, make sure to carefully consider your needs.  After the ‘guaranteed level’ premium period expires, most insurance companies require a new medical examination in order to qualify for renewal.  If for some reason you do not qualify, your premiums will increase after the ‘guaranteed level’ premium period expires.

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21. What riders (add-ons) are available on a policy?

Accelerated Death Benefit Rider:
This rider allows for early payment of a portion of the basic policy’s death benefit upon receipt of medical proof that the insured is terminally ill and if certain conditions are met.  These conditions are dependent upon your individual policy.

Accidental Death Benefit Rider:
The accidental death benefit rider will pay a specified additional amount above the face amount if you are the person insured and you die as a result of an accident.  The amount of accidental death benefit available at the time of application is usually equal to the lesser of either the face amount or a fixed dollar amount such as $150,000 or $200,000.  Experts recommend this rider to young individuals (accidents are a major cause of death) especially if you’re married with a family and you have little savings so that additional money would be needed if death occurs without warning.

Guaranteed Insurability Rider:
A guaranteed insurability rider gives you, as the owner of the policy, the right to purchase additional insurance at certain designated future dates regardless of what the health of a person being insured is at that date.

Waiver of Premium Rider:
The waiver of premium rider insures that you, if you are the policy owner, will not need to pay premiums if the person being insured becomes disabled.  The insurance company then would either waive or pay the premiums due and maintain the coverage in force.  The definition of disabled varies depending upon the type of policy purchased and the provider of the coverage.  The specific definition of disabled can be found in your Waiver of Premium Rider when you purchase it.

Family Insurance Rider:
The family insurance rider pays a selected amount, usually limited to $20,000, on the death of a dependent child or spouse.  This rider is designed to provide small amounts of term coverage with only limited underwriting.  A stand alone, fully underwritten term life insurance policy will usually have lower rates, but will have a minimum coverage amount of $100,000 or more.

Dependent Child Insurance Rider:
A dependent child insurance rider provides coverage for the amount selected, usually limited to $20,000.  All children (including legally adopted children) from the age of fifteen (15) days to eighteen (18) years at the time of purchase can be covered by this rider.  Future children will automatically be covered from age fifteen (15) days.  The dependent coverage rider provides a specified death benefit upon the death of the dependent.  Coverage usually continues until the child reaches age twenty-three (23), or you, if you are the person insured, reach age sixty-five (65).  The death of a dependent often results in a financial hardship due to funeral and burial costs.  This rider can provide the benefits needed to cover these types of expenses.

Spousal Insurance Rider:
On the death of your spouse, the spousal rider will pay the amount of coverage you have chosen.  A stand-alone, fully-underwritten term policy will usually have lower rates, but will generally have a minimum coverage amount of $100,000.  You may not want this much coverage.  Experts recommend the family rider, the dependent child rider and the spousal rider if you feel that burial expenses, medical bills, or other expenses incurred as a result of the death of a loved one will cause a financial hardship.  They also recommend these riders if you have one or more family members who are in good but not perfect health, and thus may be rated (asked to pay a higher premium) if they try to buy a policy on a fully-underwritten basis, or if you want a small amount of coverage which would either be very expensive or not available under a separate policy.

Guaranteed Re-Entry Rider:
The guaranteed re-entry rider lets you renew your term insurance at certain points throughout your term policy coverage without having to prove insurability, i.e., undergo a medical examination to prove that your health is the same as when you first got your policy.

Conversion Feature:
The conversion feature allows you, as the owner of the term life insurance policy, to convert the policy to a permanent life insurance policy (whole or universal) during a specified period of time without evidence of insurability.

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22. What exactly is involved in the application process?

The application process involves submitting an application (generally an electronic application that is e-signed by you) and allowing an underwriter to approve your application (unless the policy is ‘guaranteed issue’).  Once your application is approved, we will send your policy directly to you (via email and/or mail).

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23. What factors determine my health-classification?

Each insurance company sets limits on height to weight ratios (build), blood pressure, cholesterol and other particular health issues in order to determine a potential policyholder’s health-classification.  Family history and lifestyle also play a role in determining your health-class.  “Preferred” rates require excellent overall health, as well as a healthy lifestyle.  You must not have a history of alcohol or drug abuse, or be involved in hazardous activities to be considered for “Preferred” rates.  It may be difficult to determine your own health-classification, so we make it simple to use to figure out exactly where you stand.  Our health class estimator helps you better determine your particular health class and get the lowest possible qualifying rates for your situation.  We are constantly updating information on dozens of leading insurers to provide you with the most accurate health-class information possible.  Please note that some insurers require a medical examination prior to determining your actual health class and resulting rate.  This determination may differ from the initial health-class or rates that you were quoted during the application process.

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24. What happens if I receive a higher rate than I applied for on my application?

In the event that you apply for a policy through us, and the premium for your policy is higher than the premium you were quoted, we will automatically begin working to find you another company that may be more lenient given the reason you received the higher rate.  Once we have located another company that may offer a more competitive rate, your licensed representative will contact you to discuss your options.  We never disclose your name or personal information until we have discussed the alternate options with you.  At that time, you will be able to either continue with the original company you applied with or apply with the alternate company that may offer you a better rate.

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25. How are death benefit proceeds taxed?

Most death benefits are non-taxable.  However, they are subject to estate and inheritance taxes.  These taxes can be avoided by establishing a life insurance trust, where the trust is generally both the owner and the beneficiary of the policy.  We recommend that you speak with your financial advisor/planner and/or attorney for advice on how to receive the most favorable tax treatment for your death benefit.  Death benefit proceeds are generally not subject to income taxation provided they are paid in a lump sum; however, there are a few exceptions to this rule.  If a settlement-option is used other than the lump sum option, then the interest earned on the principal death benefit is taxable.  Although death benefit proceeds are generally exempt from income taxation, they are subject to estate and inheritance taxes.

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26. When/How do I make my first premium payment?

The initial premium payment is made once your policy is approved, generally four (4) to eight (8) weeks after your application is received by the insurance company.  Payment may be made by check for quarterly, semi-annual and annual payment modes.  For monthly payment plans, the insurance company will set up a monthly bank draft (EFT).  The EFT (electronic funds transfer) authorization form will be included in your application.  However, if you choose conditional coverage during the four (4) to eight (8) week underwriting process, you may make the initial premium payment with your application. Most of our providers, depending upon your state, will hold a credit/debit card on file to secure the conditional coverage.  They will not charge your card until the policy is approved and accepted by you.  Conditional coverage normally takes effect after the medical exam is completed and the application, along with the initial premium payment, is received by the insurance company. Coverage is contingent upon qualification.  Please read the conditional receipt of your application for specific details.

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27. What forms of payment are accepted by MLR’s 100+ insurers?

Most insurance companies offer four payment plans: annual, semi-annual, quarterly and monthly.  Once your policy is placed in force, you will be billed via mail for your premiums.  If you choose the monthly payment plan, most often the insurance company will set up an automatic draft from your checking or savings account (EFT).  EFT is electronic funds transfer.  This means that on a specified date each month your premium will automatically be deducted from your checking or savings account.  Depending upon your state and the insurance company, a credit/debit card may be used for the initial premium only.  Annual payment plans are the most cost-effective payment method.

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28. How do I know I am purchasing a policy from a reputable company?

The top independent financial rating services such as A.M. Best, Moody’s, Standard & Poor’s, and Fitch give ratings only to reputable insurers.  These ratings are based on overall financial strength and liquidity, and are given a rating such as A++, A+, A, A-, B or C.  Each financial rating agency has their own system for rating insurers.  You may click on each rating service to view their rating system and criteria.  We represent only those insurers with an A.M. Best (click to see rating scale) rating of A (excellent), A+ or A++ (superior).  A.M. Best Company has been the leading independent evaluator of insurance companies since 1899.

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29. How does smoking cigarettes or using other tobacco products affect my premiums?

Smokers do have higher rates than nonsmokers, due to the increased health risks associated with smoking.  However, some companies do offer lower rates for those who have quit smoking within one (1) to four (4) years.  Most companies require you to have quit smoking for at least one (1) year to be considered for non-smoker rates.  Other forms of tobacco/nicotine products such as nicotine-gum, e-cigarettes, snuff, cigars, pipes, and chewing tobacco are most often rated the same as cigarettes, but some companies do allow users of these products to qualify as non-smokers.

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30. If I become disabled, can I protect my coverage?

Yes.  The waiver of premium rider ensures that you, if you are the policy owner, will not need to pay premiums if the person being insured becomes disabled.  The insurance company then would either waive or pay the premiums due, and maintain the coverage in force.  The definition of disabled varies depending upon the type of policy purchased and the provider of the coverage.  The specific definition of disabled can be found in your waiver of premium rider when you purchase it.

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31. Can my policy ever be canceled due to health or illness?

No.  The insurance company can not cancel a policy during the policy period for any reason, including changes in health or illness.  The only reasons an insurance company may cancel a policy are failure to make the premiums payments or misrepresentation of statements made in the application.

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32. Can I renew my policy after the ‘guaranteed level’ period expires; if so, how much will it cost?

Yes.  All of the policies we sell become yearly renewable after the guaranteed period without the need to reapply or take another medical exam.  Premiums will increase initially after the guaranteed period and may increase annually thereafter.  If your policy is renewable, it will have a guaranteed maximum renewal premium which is explained in your policy.  This is the amount you will have to pay to renew your coverage after the ‘guaranteed level’ period ends.  You may also choose to reapply for new coverage with either the same company or a different company.  If you qualify for coverage with the same company, this process is called re-entry.  In some cases where a competitively rated policy cannot be attained, conversion may be the best option.  Many policies carry a conversion privilege which allows you to convert your term life insurance policy to permanent life insurance coverage (“whole” and/or “universal”).  Conversion terms vary depending upon the insurer.

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