A New Homeowner’s Cheat Sheet for Getting Life Insurance
For many couples, purchasing a new home is the first major financial decision that they will make together.
Of course, your home is much more than an investment or a place to live: it is a distinct part of your family’s identity and the hub of your interactions and memories. If you have children (now or in the future), it will be the center of their first friendships and the reason that you get to call your city your hometown.
If a tragedy should happen, you don’t want your term life insurance policy to simply provide enough funds for your family to pay off some debts—you want them to be able to remain in the home that they know and love. That’s why it is so important to compare free life insurance quotes online, rather than getting quotes from just one company.
» Compare: Term life insurance quotes
When you compare free life insurance quotes online you can:
- Skip the lengthy sales pitches
- View term life insurance premiums side-by-side
- Compare premiums for different coverage amounts based on your current and anticipated financial needs – you can use our free term life insurance needs calculator to do this in seconds
Does every homeowner need term life insurance?
The decision to get life insurance is a wise choice for most families, and homeowners have an added incentive. Term life insurance is the most affordable life insurance product on the market and offers homeowners a way to make certain that their family’s home life is not disrupted in the event of an unexpected death.
Even if you already have a term life policy, consider the strategy called policy laddering (owning more than one policy at once). If there are more than one aspects of your life you want to financially protect—for example: your mortgage, and your children’s college tuition, and making sure you’re covered until you retire—you can purchase multiple level term policies that cover your various needs. This allows you to have just the right amount of coverage, in an affordable way, to protect your family while you pay down your debt. As you pay your debt off, your coverage amount will decrease, which is a great way to ensure you always have just the right amount of coverage.
Couldn’t my family just use my savings?
Even if you have ample savings or a trust account, your family would benefit from having extra funds to pay off the mortgage. When you get life insurance, your savings can pass to your family untouched by creditors—the death benefit payout from the term life policy can cover their expenses, debt, and provide income replacement.
How much term life insurance coverage do I need?
This depends on your needs and financial goals. It is wise to include the following when determining how much term life coverage that you wish to purchase:
- Family debt: Include consumer debt like credit cards as well as your mortgage.
- Household expenses: This can include anything from monthly living expenses such as groceries to childcare costs.
- Financial goals: Include estimates of contributions towards major expenses such as college tuition and retirement savings.
Our free term life insurance needs calculator allows you to visualize how much you will pay in premiums per month or by year based on your insurance needs.
How likely am I to be approved for a policy?
Every life insurance company uses slightly different criteria to evaluate applicants.
At Quotacy, we have relationships with some of America’s most respected and best life insurance companies. If you have a reason why you think you may not be eligible for coverage, our agents are able to guide you towards the companies where you have the greatest chance of being accepted. Even if you have had a major medical challenge or have been or are currently a smoker we will advocate for you.
How much does term life insurance cost?
Term life premiums are affordable for most families. Below is a table to show sample rates.
Get your personalized term life insurance quotes here.
How do I select the best life insurance company for me?
The best method is to compare all of your term life options side-by-side using a free life insurance quotes tool. Look for a plan that matches your budget and offers a generous amount of coverage for your family’s needs. It’s also important to work with an insurance company that is highly ranked for financial stability and customer service by independent evaluation agencies. The table below shows the various life insurance companies Quotacy works with and their ratings across different review agencies.
Get Free Life Insurance Quotes in Under a Minute
At Quotacy, we’ve helped thousands of families across America secure their financial futures for a low monthly cost. Using our platform, you’ll be able to compare term life plans from leading insurance companies side-by-side and find the right amount of coverage for your family in seconds.
Once you’ve found a quote that you like, you can complete the online portion of your application in less than five minutes and get started. We’ve made the term life insurance application process transparent and painless—we’re on your side.
Have a few seconds to get your free life insurance quotes? No contact information required.