Medical Mortgage

A medical mortgage loan is taken in order to pay expenses related to prescription costs, medical bills, and managed care etc. Medical mortgage is also sometimes known as mortgage health insurance. Medical mortgage plans are implemented to reduce medical expenses related to health insurance or medical life insurance.
Medical life insurance is a form of insurance in which the medical expenses of the insured person is paid by the insurance company if the insured person falls sick because of causes covered by the policy or because of accidents. The insurance company can either be a governmental agency or a private company.

A medical life insurance policy is a contract or agreement between a person and the insurance company, which can be renewed annually.
The various types of insurance that are available include:

    • Medical insurance: In case of medical insurance coverages are available for both in-patient hospital care expenses, as well as out-patient healthcare expenses if a person falls ill. Few policies also offer additional coverages for expenses related to dental care and osteopathy.
      Critical illness insurance: This type of insurance makes a payment of a lump sum amount if a particular life-threatening disease is diagnosed, for example heart attack or cancer. The principal advantage of this type of policy is the payment is considered as free of tax.
      Term insurance: Term insurance is a type of life insurance and it is usually marketed for paying off a mortgage loan or offer a lump sum amount to the spouse of a particular individual in the event of that particular individual’s death.
      Permanent health insurance: This kind of insurance plans offers various monthly income schemes for individuals unable to work due to disability or illness.
      Mortgage protection insurance: The mortgage protection insurance has been planned for payment of monthly mortgage bills if the borrowers are unable to work due to illness, unemployment, or any accident.
      Long-term care insurance: This type of insurance offers coverages for expenses related to home care or residential long-term care if a person is unable to look after himself any more. It helps people to save more on long-term care expenses.

      The various advantages offered by medical mortgage plans include the following:
      The best coverages are available at the cheapest price.
      For the majority of mortgage life products, instant phone quotes are available.
      Convenient monthly installments and low down payments.
      Availability of plans with no requirement of medical examinations.
      Online quotes are delivered within 24 business hours or earlier.
      Customers are able to shop for rates because a large number of competitive rates are available from various insurance companies.
      Compared to conventional life insurance costs, more discounts are available.
      Medical mortgage plans focus on personal care and quality service and a large number of additional services.
      The customer is matched with the best medical mortgage plan carrier which best satisfies the needs of the customer.
      The medical mortgage plans are designed in such a way so that the customers can save their money.

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      Last Updated on : 24th August 2013