PSA: Get life insurance when you start your search

searcher profile

November 15, 2021

by a searcher from Northwestern University - Kellogg School of Management in Chicago, IL, USA

I wish someone had told me this 3 months ago:

If you're on a search of any kind, chances are very high that your lender will want a life insurance policy on you. This can take a really long time, especially if you have any kind of complicated medical history.

So if you don't already have a life policy, start now. Just get a $500K or $100K 10 year term policy. Make sure the policy can be collaterally assigned, and make sure you will be able to adjust the amount and term later.

There's really no downside to having insurance if you don't need it. The cost is low. You can always cancel.


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commentor profile
Reply by a professional
in Dover, NH, USA
I agree with starting early in the process. Searchers have a lot on their plate to close the loan and the deal. Get the life insurance portion going early so you don't hit a significant snag unnecessarily.

Some shameless self-promotion... when life insurance comes up as a need for your search deal, and you want to deal with a unique broker out to disrupt an opaque and antiquated industry... give us a try.

www.blueherring.com

DM me and I'm happy to help however I can.
commentor profile
Reply by a searcher
from Texas A&M University in Elizabethton, TN, USA
Don't know if it works for lenders, but Ladder is new FinTech provider that might be helpful for at least a quick rate compare. No doctor visit, approval quick. Allianz is one of the actual providers they use. This was better rate for me than several other options.
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