(844) 786-8229 [email protected]

Purchasing a new home is a happy time in the lives of families and loved ones, but it’s also a huge transition in your life—especially if it’s your first home. You now have a long-term financial responsibility that you need to be prepared for. One way to protect your family’s most important possession is to get life insurance.

Getting free life insurance quotes online is simple and it’s the first step to ensure that your family’s finances remain intact should the unthinkable happen.

» Calculate: Life insurance needs calculator

Term life insurance isn’t something to think about only when you’ve hit retirement age. When you get a new mortgage, you’ve taken on a financial responsibility that may be a challenge for your spouse or partner to manage alone should you pass on. Term life insurance offers a death benefit (or payout) that protects your loved ones from having to carry any financial burden that may cause them hardship, such as mortgage payments.

We don’t always like to think about these things, but making sure your family—and your family’s investments—are secure no matter what should be an important part of planning your legacy. For homeowners with dependents, here are a few questions we often hear when they are planning for their family’s future and starting to get free life insurance quotes online.

What happens if my family can’t pay our mortgage when I’m gone?

Your spouse or partner’s credit score may suffer if payments are late, damaging their ability to get new credit. The lender may start foreclosure proceedings if an agreeable payment plan is not negotiated, and your family could lose their home.

What about private mortgage insurance?

Private mortgage insurance (PMI) protects your lender in the event that you are unable to pay your mortgage and the sale of your home does not cover their losses. This type of insurance is often required by a lender if you pay less than 20% of your home’s value as a payment.

What is mortgage protection insurance?

This is a decreasing term life insurance policy that has a face value (or death benefit payout) that decreases over time, although your premiums will stay the same.

Your lender will be named as the beneficiary, with all funds from the payout going directly to them. That means that unlike with a conventional term life insurance policy, you will keep paying the same life insurance premium amount for decreasing coverage, and your loved ones will not have any control over the payout from your death benefit.

Is there a better way to limit our risk?

Yes! You can get life insurance and protect all of your family’s assets, provide income replacement, and pay off your mortgage with one policy (or by laddering more than one).

A conventional term life insurance policy offers unparalleled flexibility, permitting you to provide financial security for your family for years after your passing. And you can get started with no pressure and no obligation. Just start by checking your free life insurance quotes online to see if one is right for you.

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.

Ready to get your life insurance quote?

You're a few minutes away from great life insurance

Get your quote

How much life insurance do you need?

Figure out your action plan with our needs calculator

Calculate needs

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.

Laddering term life insurance policies all at once for Quotacy blog Life Insurance for 30-Somethings

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.

Average Term Life Insurance Monthly Premiums for a Healthy Individual
Age at PurchaseFace Amount20-Year Term (Males)20-Year Term (Females)30-Year Term (Males)30-Year Term (Females)
30 $250,000$14$12$20$17
$500,000$21$18$34$28
$1,000,000$35$21$60$49
40$250,000$18$16$32$26
$500,000$29$26$54$44
$1,000,000$53$45$102$80
50$250,000$42$32$71$54
$500,000$75$56$135$100
$1,000,000$145$105$255$186

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.

Life Insurance Company

A.M. Best RatingS&P RatingMoody's Rating

BBB
Rating

J.D. Power Score
(out of 1000)

Compare Quotes

AIG

AA+A2A+751

Get your quote

AXA

AA+A2A+771

Get your quote

Banner Life

A+AA-N/AA+N/A

Get your quote

Haven Life

A++AA+Aa2A+787

Get your quote

John Hancock

A+AA-A1A+763

Get your quote

Lincoln Financial

A+AA-A1A+781

Get your quote

Minnesota Life

A+AA-Aa3A+777

Get your quote

Pacific Life

A+AA-A1A+808

Get your quote

Principal

A+A+A1A+785

Get your quote

Protective

A+AA-N/AA+774

Get your quote

Prudential

A+AA-A1A+777

Get your quote

SBLI

AA-N/AA+N/A

Get your quote

United of Omaha

A+AA-A1A+789

Get your quote

U.S. Life

AA+A2A+751

Get your quote

William Penn

A+AA-N/AA+N/A

Get your quote

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.

 

About the writer

Headshot of Natasha Cornelius, a life insurance writer, for Quotacy, Inc.

Natasha Cornelius

Writer, Editor, and Co-host of Quotacy's Q&A Fridays

Natasha is the content manager and editor for Quotacy. She has been in the life insurance industry since 2010 and has been making life insurance easier to understand with her writing since 2014. When not at work, she's probably studying and working toward her Chartered Life Underwriter (CLU) designation while throwing a tennis ball for her pitbull mix, Emmett, or curled up on her couch watching Netflix. If it’s football season, the Packers game will be on. Connect with her on LinkedIn.