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?
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.
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