Can You Get Life Insurance without a Mortgage?


Did you know you can buy life insurance whether or not you own a home and have a mortgage?

Yes, that’s right, you can buy life insurance if you don’t have a mortgage.

 

Who Can Get Insured?

So, if you don’t need a mortgage to get life insurance, who can buy a life insurance policy?

Well, any adult can purchase a life insurance policy and choose to name anyone they wish to be the beneficiary of the policy.

The beneficiary is the person(s) who receives the death benefit payout when the insured person dies. The beneficiary may use the proceeds from life insurance and way they wish.

You can buy life insurance on yourself. 

If you buy life insurance on someone else, the insurance company may require that the person you want to insure sign the application for insurance.

Get a Free Life Insurance Quote 


Why Buy Life Insurance?

Of course, many people who own a home and have a mortgage choose to buy life insurance to help provide the funds needed to pay off the outstanding mortgage loan upon their death. 

That way, their family members may remain in the home in case the breadwinner dies.

Some of the most common reasons people choose to purchase life insurance include:

  • To Pay off a Home Mortgage Loan
  • To Pay for Child’s College Education
  • To Pay off Credit Card Debt
  • To Fund Spouse’s Retirement
  • To Pay for Family’s Living Expenses
  • To Replace Main Breadwinner’s Income for Family

 

How Much Life Insurance to Buy?

Do you know how much life insurance you need? 

Before choosing your policy, you’ll want to make sure you’re buying the right amount of coverage to meet your needs.

The easiest and most accurate way to determine the right amount of life insurance to purchase is to use a needs calculator 

A life insurance calculator will give you an accurate estimate of your needs instantly, just by having you answer several questions about your financial situation; such as, how much you have saved, how much you owe, and your annual income.

 

The Cost of Life Insurance

How much does life insurance cost? 

The price you are charged for a life insurance policy will depend on the type and amount of insurance you need. 

In addition, the length of time (term) your insurance will last affects the cost of your policy.

Your own personal risk factors will have an impact on your premiums for life insurance, too.

These personal risk factors may include your age, gender, health, family health history, occupation, hobbies, lifestyle, driving record, height-to-weight ratio, etc. 

The younger and healthier you are when you purchase coverage, the lower your annual cost for life insurance. 

Young and healthy people are expected to live a long time, and would be paying premiums longer than someone who is older and may have health issues.

Get a Free Life Insurance Quote

 

What to Consider When Choosing a Life Insurance Company

When choosing a life insurance company to insure you or life insurance you may want to consider the following:

  • The A.M. Best financial strength rating of the life insurer.
  • The pricing from the insurer.
  • The types of life insurance policies and features offered.
  • The customer service.
  • Any complaints filed with the Dept. of Insurance in your state against the insurer.
  • The insurer’s reputation for paying claims.
  • The total assets and liabilities of the insurer.
  • The total number of life insurance policies issued by the insurer.
  • How large is the insurance company?
  • When was the life insurance company established?


You may want to choose a life insurance company that is rated at least "A-" (Excellent) by AM Best for financial strength.

This financial strength rating is an indication that the insurer is financially sound, and able to meet their financial obligations, which include paying their claims in a timely manner.

Here is a list of highly-rated life insurance carriers that offer competitive pricing.


Life Insurance Quotes

  

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.

 


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